S&P affirms King Pharmaceuticals, off watch

Standard & Poor's said it affirmed its ratings on King Pharmaceuticals Inc., including the BB corporate credit and secured bank loan ratings, and removed them from CreditWatch, where they were placed with negative implications on Feb. 28.

The outlook is negative.

S&P noted King Pharmaceuticals has a long track record of successfully acquiring and growing the sales of underpromoted drugs and the company has built a solid, diverse product portfolio, highlighted by the ACE inhibitor, Altace.

Meanwhile, the agency said it believes that King's future sales growth will be increasingly pressured over the intermediate term as Levoxyl has already lost patent protection and sales are gradually declining.

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