Moody's affirms Nycomed

Moody's Investors Service said it affirmed Nycomed's B2 corporate family and B3 probability-of-default ratings.

The outlook is changed to negative from stable.

"The change in outlook reflects Moody's view that over the next 12 to 18 months the company's financial performance will be impacted by the expiry of the Pantoprazole patent in Europe and the US, which may not be offset initially by growth in the remaining product portfolio and new product launches and which may lead to reduced leeway under the company's covenants," Marie Fischer-Sabatie, a Moody's vice president, said in a statement.

Nycomed's operating performance has been in line with management guidance in the first nine months of 2008 and management has slightly revised upward its EBITDA guidance for the full year, the agency said.

The company also is less sensitive to economic slowdowns than businesses in many other industries, the agency noted.

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