S&P: Graceway developing watch

Standard & Poor's said that it is keeping the CC rating on Graceway Pharmaceuticals LLC's first-lien secured debt on CreditWatch developing, where it was placed on Sept. 17 following a missed second-lien loan payment and the expectation that the first- and second-lien term loans would be amended.

The CreditWatch reflects the expectation that the company will have serious liquidity pressures in September when a $30 million first-lien amortization payment is due as well as the fact that an amendment for the second-lien term loan and a revised term sheet still have not been finalized, the agency said.

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