Standard & Poor's lowered its rating on Eli Lilly and Company to AA-
YORK August 20 morning news, rating agencies Standard & Poor's Thursday announced a pharmaceutical R & D giant Eli Lilly and Company (LLY) corporate credit and senior unsecured debt rating cut by the AA AA-.
Standard & Poor's also said that this rating outlook is stable. Standard & Poor's credit analyst David Rugby said in a statement, "We make the cut decision was based on Eli Lilly's new start and existing product testing process delays and disappointing results. We think that this has been seriously weakened the company over three years in the face of competition from other generic drugs, making up for loss of earnings capacity. "
Standard & Poor's also said that although in the medium term within Lilly does not have any serious question, but the company is increasing the uncertainty of earning capacity, and the 2011 annual earnings growth prospects uncertain, have seriously restricted the company's rating was raised possibilities.
