Moody's gives Perrigo notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to Perrigo Corp.'s $500 million senior unsecured notes offering due 2023.

Proceeds will be used for general corporate purposes.

The outlook is stable.

Moody's said the senior unsecured rating of Baa3 reflects the attractive growth prospects for store brand and generic pharmaceutical products, Perrigo's strong and stable EBITDA margins in the low 20% range and relatively modest leverage.

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