Recovery Report: BioMarin Pharmaceutical Inc.'s Recovery Rating Profile
Standard & Poors
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: Full Analysis
Abstract
In conjunction with Standard & Poor's Ratings Services' annual review of the company, we are reviewing recovery ratings and issue-level debt ratings on BioMarin Pharmaceutical Inc., a Novato, Calif.-based pharmaceutical company. Our simulated default scenario contemplates a default in 2014 due to a decrease in sales following a product recall, headline risk, or increased competition. We believe that the company would be refinanced in the event of default based on the strength of its four approved products. Biomarin Pharmaceutical Inc. is the issuer of both the 2013 and 2017 senior subordinated convertible notes. The notes are general unsecured obligations of the borrower that are not guaranteed by any of the borrower's subsidiaries. The 2013 notes may be converted at any...
Companies mentioned in this report are: BioMarin Pharmaceutical Inc. (Unsolicited Ratings)
BioMarin Pharmaceutical Inc. (Unsolicited Ratings)
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