S&P affirms Elan

Standard & Poor's said it affirmed its B+ corporate credit rating on Elan Corp. plc. The outlook is stable.

S&P said it will withdraw its issue-level ratings once the company redeems its senior unsecured notes.

The ratings on Elan continue to reflect its "vulnerable" business risk profile, still characterized by the company's sole dependence on multiple sclerosis treatment Tysabri, S&P said. While Elan had been dependent on revenues from its collaboration with Biogen Idec, it will now be reliant on a royalty stream. Elan's "significant" financial risk profile is highlighted by S&P's expectation that it will return to the debt markets and hold a similar amount of debt soon.

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