S&P cuts Akorn ratings

Standard & Poor’s said it lowered its corporate credit rating on Akorn Inc. to B from B+ and placed all of the ratings on the company on CreditWatch with developing implications.

“The downgrade is based on our belief that, while the company has provided enough financial information to support the company’s current business and financial risk profiles, we believe the effectiveness of management and governance is weak at this time,” said S&P credit analyst Michael Berrian in a news release.

At present, the last audited financials that can be relied upon is for the period ended March 31, 2014.

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