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Concordia's missed interest payment is credit negative, says Moody's

Moody's said that Concordia International Corp.'s missed interest payment of $26 million on its $735 million senior unsecured notes due 2023 is credit negative for the company.

The rating agency said that the missed payment is credit negative as failure to make the payment before the end of the 30-day grace period will constitute an event of default.

There is no change to the company's ratings or outlook.