MUMBAI (Thomson Financial) - Moody's Investors Service revised its outlook
on PharmaNet Development Group Inc. to stable from positive and indicated the
company's liquidity position has shifted to 'adequate' from 'good'.
It lowered the speculative grade liquidity rating to 'SGL-3' from 'SGL-2',
citing deterioration in liquidity following an unusually high level of contract
cancellations in late 2007 and early 2008.
The loss of late-stage contract revenues, combined with weak sample volumes
in the early stage business resulted in free cash flow generation that was
meaningfully lower than Moody's had expected.
TFN.newsdesk@thomson.com
jro
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