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Bioscience
Fitch Places Schering-Plough's Ratings on Rating Watch Negative
April 19th, 2008
Fitch Ratings has placed Schering-Plough Corp.'s (Schering-Plough) (NYSE:SGP) ratings on Rating Watch Negative. The action applies to approximately $11.98 billion of outstanding debt. The Rating Watch reflects Fitch's concern that Schering-Plough will be unable to reduce leverage, total debt-to-EBITDA, to below 2.0 times (x) by the end of 2009 given potential sales erosion of the cholesterol-lowering medicines, Vytorin and Zetia. Leverage rose to 3.2 times (x) at the end of 2007 from 1.2x at the end of 2006, in conjunction with the acquisition of Organon Biosciences N.V. (Organon Biosciences) for approximately $16.1 billion in November 2007. Fitch will monitor debt...
Source: Law & Health Weekly (2008-04-19)
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