SINGAPORE (S&P Global Ratings) --S&P Global Ratings lowered its
long-term corporate credit rating on India-based generic drugmaker Glenmark
Pharmaceuticals Ltd. to 'BB-' from 'BB'.
"The outlook is stable. We also lowered our long-term issue rating on the company's senior unsecured notes to 'BB-' from 'BB'," a statement said.
"The downgrade reflects our view that Glenmark's leverage is likely to remain
elevated over the next 24 months due to the company's weak operating
performance," the statement added.
-rmc//