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Aptalis Pharma Inc. Senior Secured Debt Rating Lowered To 'BB-' From 'BB' On Assessed Lower EV; CCR Affirmed Jan 12
Standard & Poors, Jan 2012
Abstract
New Jersey-based specialty pharmaceutical company Aptalis Pharma Inc. continues to integrate Eurand N.V., which the company acquired in early 2011. As a result, Standard & Poor's is lowing its rating on Aptalis' US$897 million senior secured bank facility to 'BB-' from 'BB', and revising its recovery rating on the debt to '2' from '1', following our re-evaluation of the enterprise value of the guarantor subsidiaries. At the same time, we are affirming our 'B+' long-term corporate credit rating on Aptalis, and our 'B' senior unsecured debt rating on the company's US$235 million of senior unsecured notes. The '5' recovery rating on the notes is unchanged. The stable outlook on the company reflects our belief that Aptalis will steadily de-lever in...
Companies mentioned in this report are: Aptalis Pharma Inc.
Action: Affirmed
Action: Downgraded
Action: Outlook: Stable
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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