Imagyn’s S&P; Ratings Slide Along With Sales

Standard & Poor’s said it lowered its ratings for Imagyn Medical Technologies Inc. to single-D and removed the debt from CreditWatch. S&P; said the Newport Beach company missed the April 1 interest payment on its $110-million 12.5% senior subordinated notes. The company, which makes urological and gynecological products for the health care industry, has seen its product sales and market share decline “precipitously, significantly constraining liquidity and financial flexibility,” S&P; said. Imagyn’s sales are down about 80% from last year’s levels, largely due to the introduction of the impotence drug Viagra, S&P; said.