S&P cuts Octapharma Nordic

Standard & Poor's said it lowered the long-term corporate credit rating on Octapharma Nordic AB to BB+ from BBB-.

The outlook is stable.

The downgrade reflects a view that Octapharma's profitability and cash position have deteriorated significantly following the withdrawal of its intravenous immunoglobulin product Octagam in the United States and some European Union markets in August and September 2010, respectively, S&P said.

The agency said it understands that Octapharma will re-launch Octagam later this year.

But, there is a competitive pricing environment for intravenous immunoglobulin products in the U.S. and E.U., S&P said.

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