S&P: Allergan on watch

Standard & Poor's said it placed Allergan Inc.'s A+ corporate credit rating on CreditWatch with negative implications.

The CreditWatch placement follows news that Valeant Pharmaceuticals made an unsolicited proposal to acquire Allergan, S&P said.

While the agency said it believes the outcome of this proposal is still very uncertain, S&P believes any transaction has the potential to raise adjusted net leverage considerably above current levels.

S&P said it will resolve the CreditWatch placement when it has more information about the deal and the likelihood of the acquisition.

If Allergan is not acquired, the CreditWatch resolution also will focus on the company's likely capital structure and financial policies going forward.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.