Moody's drops Graceway

Moody's Investors Service said it lowered certain ratings of Graceway Pharmaceuticals, LLC, including the corporate family rating to B3 from B2 and the probability of default rating to B3 from B2.

Moody's said it affirmed certain other ratings of Graceway, including the Ba3 first-lien credit facilities and Caa1second-lien credit facility.

The outlook is negative.

According to the agency, the downgrade of the corporate family rating and probability of default rating primarily reflects the uncertainty related to whether Graceway's life cycle management plans for Aldara will be successful and the significant reduction in financial flexibility that would occur if a generic product is launched in the near term.

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