Emergent BioSolutions Shares Drop on S&P Downgrade
By Dean Seal
Shares of Emergent BioSolutions dropped after S&P Global Ratings downgraded the company's credit rating and the rating on its senior unsecured notes.
The stock was down 6.8% at $2.61 in early trading. Shares were trading at $9.69 this time a year ago.
The cuts come after the medical countermeasures manufacturer entered into a forbearance agreement with lenders last week.
S&P Global Ratings said Tuesday that while it doesn't view the forbearance as a default, it does increase the likelihood that Emergent won't be able to refinance or extend its line of credit before it becomes current in May.
The agency lowered the issuer credit rating on Emergent to CCC+ from B- and the issue-level rating on its senior unsecured notes to CCC from CCC+.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
March 12, 2024 11:10 ET (15:10 GMT)
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