Moody’s cuts GSK outlook

City A.M. Reporter
DRUG company GlaxoSmithKline, already rocked by a bribery scandal in China, suffered a fresh setback yesterday when Moody’s cut its credit outlook for the firm on concerns about cash outflows.

Moody’s said the reduction in the long-term A1 rating to negative from stable was not triggered by the situation in China, where analysts believe GSK may face fines following allegations of bribery.

A company spokesman said GSK was “relaxed” about the move.