02:09 PM EDT, 03/14/2024 (MT Newswires) -- Grifols ( GRFS ) shares slid more than 9% in Thursday trading after downgrades from Fitch Ratings and S&P Global Ratings.

Fitch downgraded Grifols' ( GRFS ) long-term issuer default rating to B+ from BB- on Thursday, reflecting the company's "slower-than-expected deleveraging" and weaker cash flows. The rating agency kept the negative outlook for the Spanish drugmaker.

On the previous day, S&P cut its long-term issuer credit rating on Grifols ( GRFS ) to B and placed it on CreditWatch with negative implications.

"The CreditWatch placement indicates that we could lower the ratings on Grifols ( GRFS ) if we do not believe it can repay its [1 billion euro] ($1.09 billion) senior unsecured debt maturing May 2025," S&P said.

Grifols ( GRFS ) didn't immediately respond to a request for comment by MT Newswires.

Price: 5.75, Change: -0.60, Percent Change: -9.38