Lost share

Cooper Companies, the parent company of CooperVision, has been downgraded by Standard & Poor's Ratings Services, citing manufacturing issues with its latest product.

'Cooper has experienced a loss of market share due to its late entry into the silicone hydrogel soft contact lens market,' said S&P credit analyst Cheryl Richer. 'While the company rolled out its Biofinity silicone hydrogel monthly sphere in 2006, production of this product remains limited, and commercialisation of other key products are not slated until later in 2007.'

is planning a $1bn refinancing effort to 'lock in cheaper borrowing' and repay debt. The company plans to open a new $650m credit facility and privately offer $350m in senior notes to fully repay a $250m term loan and all outstanding debt from its existing $750m syndicated bank credit facility which will be terminated.