Moody's cuts Generics outlook to negative

Moody's Investors Service said it revised the outlook for Generics International (US), Inc. to negative from stable.

At the same time, Moody's said it affirmed Generic International's ratings, including the B2 corporate family rating and B2 Probability of default rating.

The outlook had been stable since the initial rating assignment on Oct. 25, 2007, the agency said.

According to Moody's, the outlook revision to negative primarily reflects a recent FDA warning letter related to compliance procedures at a key manufacturing facility in Huntsville, Ala.

The affirmation of Generics International's B2 corporate family rating reflects steady generation of EBITDA for the first 5 months of operations ended on March 31, the agency said.

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