Moody's downgrades Akorn

Moody's Investors Service said it downgraded Akorn Operating Co. LLC's probability of default rating to D-PD from Caa2-PD.

Concurrently, Moody's affirmed Akorn's Caa2 corporate family rating and Caa3 senior secured term. The outlook remains stable.

“These actions follow the announcement that Akorn has filed a petition for bankruptcy under Chapter 7 of the U.S. Bankruptcy Code,” the agency said in a press release.

Moody's said it will withdraw all its Akorn ratings due to the company's bankruptcy filing.

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