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APP Pharmaceuticals Inc. 'BB' Rating Withdrawn Following Acquisition By Fresenius SE Sep 08
Standard & Poors, Sep 2008
Abstract
LONDON (Standard & Poor's) Sept. 16, 2008--Standard & Poor's Ratings Services said today it withdrew its 'BB' corporate credit rating on APP Pharmaceuticals Inc. following the close of its acquisition by Fresenius SE (BB/Negative/--) for about $4.7 billion. The company's $1.15 billion outstanding senior facilities due 2012 and 2013 were successfully refinanced with new $1.147 billion senior secured facilities due 2013 and 2014 borrowed by APP Pharmaceuticals LLC and guaranteed by APP Pharmaceuticals Inc. and Fresenius SE. These new facilities form part of Fresenius SE's capital structure and are rated 'BBB-', two notches higher than the 'BB' corporate credit rating on Fresenius SE. For further information on Fresenius SE's capital structure, please see the article titled 'Recovery Report: Fresenius SE's...
Companies mentioned in this report are: Fresenius SE & Co. KGaA
Action: Withdrawn
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.
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