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BioMarin Pharmaceutical Inc. Subordinated Debt Rating Raised To 'B'; Recovery Rating Revised To '4'
Standard & Poors, April 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
Novato, Calif.-based BioMarin Pharmaceuticals converted $119.6 million of its subordinated convertible notes due 2013 to common stock in November 2010. We are affirming our 'B' corporate credit rating on the company. Following this debt reduction, we are revising the recovery rating on the subordinated convertible notes due 2013 and 2017 to '4' from '5' raising the issue-level rating on the subordinated convertible notes to 'B' (the same as the corporate credit rating) from 'B-'. The stable outlook reflects our expectation of continued growth from the company's main products and growing revenue contribution from Firdapse to aid the company's operating performance. BOSTON (Standard & Poor's) April 29, 2011--Standard & Poor's Ratings Services said today that it revised the recovery rating on...
Companies mentioned in this report are: BioMarin Pharmaceutical Inc. (Unsolicited Ratings)
Action: Upgraded
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