- Language: English
- 175 Pages
- Published: July 2010
- Region: United States
Research Update: Alkermes Inc. Assigned 'B+' Corporate Credit Rating; Outlook Is Stable Oct 11
- Published: October 2011
- Standard & Poors
Alkermes Inc., a Waltham, Mass.-based pharmaceutical technology company, acquired a similar operation from Elan Corp. plc for approximately $1 billion on Sept. 16, 2011, of which $450 million was funded from new first-lien and second-lien term loans. We are assigning our 'B+' corporate credit rating to Alkermes Inc., a 'BB' issue-level and '1' recovery rating to the first-lien term loan, and a 'B' issue-level and a '5' recovery rating to the second-lien term loan. The stable rating outlook reflects our expectation that Alkermes will be able to integrate its first strategic acquisition without serious disruption and generate the free operating cash flow needed to modestly reduce borrowings. On Oct. 7, 2011, Standard & Poor's Ratings Services assigned its 'B+' corporate...
Companies mentioned in this report are: Alkermes Inc.
Action: New Rating
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.
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