MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services assigned its
'BB' corporate credit rating with stable outlook to APP Pharmaceuticals Inc, the
injectable generic drug business of Abraxis Bioscience which is spinning off its
biotechnology business into a separate publicly traded company.
"The ratings on APP reflect the company's high debt leverage and niche
position in the generic drug industry," said S&P's credit analyst Arthur Wong.
"These factors are offset partially by the company's solid industry position,
well-stocked product pipeline, and expected steady deleveraging over the
intermediate term."
TFN.newsdesk@thomson.com
ans/jro
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