Research Update: Warner Chilcott plc Subsidiary Term Loans Rated 'BB' (Recovery: 3); Warner Chilcott Co. LLC Notes Rated 'B+' (Recov: 6) Aug 10

Standard & Poors, August 2010

Abstract
Ireland-based specialty pharmaceutical company Warner Chilcott plc is issuing $2.25 billion of new debt to pay an approximate $2.125 billion dividend. We are affirming our 'BB' corporate credit rating on Warner Chilcott plc. At the same time, we are lowering our issue-level rating on the existing senior secured credit facility issued by subsidiaries Warner Chilcott Corp. and Warner Chilcott Co. LLC to 'BB' from 'BB+', and revising the recovery rating to '3' from '2'. In conjunction with the proposed debt issuance, we are assigning 'BB' issue-level and '3' recovery ratings to the new $500 million term loan A due in 2014 and the new $1 billion term loan B due in 2015. WC Luxco S.a.r.l. and Warner Chilcott Co. LLC...

Companies mentioned in this report are: Warner Chilcott PLC,Warner Chilcott Corp.,Warner Chilcott Co. LLC,WC Luxco S.a.r.l.
Action: Affirmed

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Warner Chilcott PLC,Warner Chilcott Corp.,Warner Chilcott Co. LLC,WC Luxco S.a.r.l.

Customers who bought this item also bought

• The Irish Defense Industry - Market Opportunities and Entry Strategies, Analyses and Forecasts to 2017
• Public Affairs Ireland Subscription Service
• The Irish Defense Industry - Competitive Landscape and Strategic Insights to 2017: Market Profile
• Army Expenditure in Ireland to 2017: Market Brief
• Navy Expenditure in Ireland to 2017: Market Brief
• Defense Expenditure in Ireland to 2017: Market Review
• Homeland Security Expenditure in Ireland to 2017: Market Review
• The Irish Defense Industry: Market Opportunities and Entry Strategies, Analyses and Forecasts to 2016
• Air Force Expenditure in Ireland to 2017: Market Brief
• The Irish Defense Industry - Industry Dynamics to 2017: Market Profile