Schering-Plough
This article was originally published in The Tan Sheet
Executive Summary
Corporate credit rating lowered to "A+ from "AA-, Standard & Poor's Rating Services announces July 29. Company's short-term credit, commercial paper ratings also lowered to "A-1 from "A-1+". "Greater-than-expected sales erosion of S-P's hepatitis C treatment cited by S&P as one reason for credit reduction. Decline in sales is occurring "at a time when the company is already experiencing a steep drop-off in earnings and cash flows due to the loss of prescription Claritin sales, rating service says...