Published in Drug Law Weekly, November 25th, 2008
The downgrade to 'BBB' reflects a material decline in NJH's balance sheet strength and an operating loss in fiscal 2008. At June 30, 2008, NJH's unrestricted cash and investment totaled $34.2 million as compared to $46.4 million at June 30, 2007. As a result, several of NJH's liquidity indicators have weakened significantly and are below Fitch 'BBB' medians. From 2007 to 2008, days cash on hand dropped from 136.7 to 83.6,...
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