Moody's: Pharma firms' ratings could be under pressure

Ratings agency Moody's has announced that certain European pharmaceuticals companies' ratings could be pressured by resumed share buy-backs.

Ratings agency Moody's has announced that certain European pharmaceuticals companies' ratings could be pressured by resumed share buy-backs.

Four of the largest pharma groups, namely AstraZeneca, GlaxoSmithSkline (GSK), Novartis and Sanofi, could all be at risk after they re-started share buy-back schemes following a period of consolidation and a series of mergers and acquisitions.

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