New York, October 18, 2017 -- Moody's Investors Service comments that Concordia's missed interest payment is credit negative.
On October 16, 2017, Concordia International Corp. (Caa3 stable) announced that it will defer its $26 million semi-annual interest payment due on its $735 million senior unsecured notes due 2023. The missed interest payment is credit negative as failure to make the payment prior to the end of its 30-day grace period will constitute an event of default. There is no change to the company's ratings or outlook at this time.