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This article was originally published in The Tan Sheet

Executive Summary

Rating agency downgrades Schering-Plough's corporate credit and senior unsecured debt ratings from "A" to "A-," as well as its short-term corporate credit and commercial paper rating from "A-2" to "A-1." The negative outlook reflects uncertainty over Schering's earnings potential and the length of its ongoing corporate turnaround. Schering recently announced it expects 2004 operating losses to be worse than 2003 (1"The Tan Sheet" Feb. 2, 2004, p. 3)...

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