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Moody's considers downgrading PharmaNet
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NEW YORK - Moody's Investors Service said Friday it will consider downgrading its debt rating on PharmaNet Development Group Inc., a drug development services company.
Moody's cited a high rate of contract cancellations and doubts about the Princeton, N.J.-based company's ability to favorably refinance $144 million in convertible notes.
Holders will be able to exercise options on the notes in August.
Moody's currently has a "B3," or non-investment "junk," rating on PharmaNet. About $45 million of rated debt is affected.
The company's stock rose 54 cents, or 37 percent, to $2 in afternoon trading.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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