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S&P downgrades Hospira to 'BBB-' on product replacment

On Friday evening, Standard & Poor's Ratings Services said it lowered its corporate credit and senior unsecured ratings on Lake Forest, Ill.-based Hospira Inc. to 'BBB-' from 'BBB+'. S&P said, "We also revised our rating outlook to stable from negative." "The downgrade reflects our revised expectations including the extension of the now three-year long production problems at the company's Rocky Mount, N.C. plant and the replacement of many of its intravenous (IV) infusion pumps; these expenses could reach $450M combined," said credit analyst David Lugg.