S&P rates Endo notes B

Standard & Poor's said it assigned its B credit rating and 6 recovery rating to the senior unsecured notes to be issued by Endo Finance LLC and Endo Finco Inc., subsidiaries of Endo International plc.

The new notes will be issued in exchange for similar outstanding notes of Endo Health Solutions Inc. S&P's BB- corporate credit rating on Endo is unchanged.

S&P said the rating on Endo reflects a "fair" assessment of its business risk profile, with still-significant product and therapeutic concentrations. S&P's assessment of Endo's financial risk profile as "aggressive" incorporates an expectation that adjusted leverage will rise to and remain above 4x, as a result of both declining EBITDA (adjusted for non-recurring items) and debt-financed acquisitions.

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