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Bulletin: Correction: Purchase Of Ascent Pharmahealth Has No Effect On Ratings For Watson Pharmaceuticals Inc. Jan 12
Standard & Poors, Jan 2012
Abstract
NEW YORK (Standard & Poor's) Jan. 24, 2012--Standard & Poor's Ratings Services said today that its ratings on Parsippany, N.J.-based generic drug company Watson Pharmaceuticals Inc. (BBB/Stable/--) are unaffected following the acquisition of unrated Ascent Pharmahealth Ltd. for roughly $390 million in cash. Ascent markets a broad portfolio of generics, brands, branded-generic, over-the-counter, and dermatology and skin care products in Australia. The acquisition provides expanded product portfolio and also an opportunity to expand its footprint in South-East Asia market. Watson funded the transaction through borrowings of $375 million under its revolving credit facility and balance with cash in hand. The additional debt, increases pro forma leverage to only 1.6x, which is within the guideline measures for the Intermediate financial risk...
Companies mentioned in this report are: Watson Pharmaceuticals Inc.
Action: Bulletin
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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