S&P rates Mallinckrodt notes BBB-

Standard & Poor's said it assigned its BBB- issue-level rating to Mallinckrodt International Finance SA's $900 million of senior unsecured notes.

Upon separation, the company will be a wholly owned subsidiary of Mallinckrodt plc.

The company will issue the notes in two tranches: $300 million of five-year notes and $600 million of 10-year notes.

S&P said the rating on Mallinckrodt reflects its belief that the company has an "intermediate" financial risk profile, evidenced by pro forma leverage of 2.6x and funds from operations-to-total debt of 35%.

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