Moody's revises Arbor's outlook to negative

Moody's Investors Service said it affirmed Arbor Pharmaceuticals, LLC's ratings, including its B3 corporate family rating, B3-PD probability of default rating and B3 rating on its senior secured credit facilities. Moody's also revised the outlook to negative from stable.

The negative outlook reflects the risk Arbor will be unable to reverse negative earnings trends across its product portfolio and refinance its $75 million revolver that expires in July 2021. It also reflects the risk that Arbor is unable to gain FDA approval for, and transition patients to, a reformulated version of a hospital product, before its May 2020 orphan exclusivity expiration. The hospital product in question, represents about 10% of Arbor's total revenue, Moody’s said.

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