S&P rates Elan notes B

Standard & Poor's said it affirmed the B issue-level and 3 recovery ratings on Elan Finance plc's 8¾% senior unsecured notes due 2016, privately placed in reliance on Rule 144A, following the company's $200 million add-on.

Elan has increased its outstanding $625 million 8¾% senior unsecured notes due 2016 to $825 million.

The corporate credit rating on parent Elan Corp. plc is B.

The outlook is positive.

S&P said the corporate rating reflects the company's critical dependence on sales of its multiple sclerosis treatment.

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