Moody's Mallinckrodt bonds Ba2

Moody's Investors Service said it assigned a Ba2 corporate family rating and a Ba2-PD probability of default rating to Mallinckrodt plc.

Moody's also assigned a speculative grade liquidity rating of SGL-1 as well as a Ba2 rating to the proposed $900 million bond offering of Mallinckrodt International Finance SA.

The outlook is stable.

Moody's said Mallinckrodt's Ba2 rating reflects good balance between two business segments (Specialty Pharmaceuticals and Global Medical Imaging) but is constrained by its overall scale with a $2 billion revenue base.

Within pharmaceuticals, Mallinckrodt has good balance between generic products, branded products, and active pharmaceutical ingredients, yet its pharmaceutical products are highly concentrated in the opioid pain category, the agency said.

© 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.