S&P rates Rottapharm notes BB-

Standard & Poor's said it assigned its preliminary BB- long-term corporate credit rating to Rottapharm SpA. The outlook is stable.

At the same time, the agency said it assigned a preliminary BB- issue rating to the proposed €400 million senior unsecured notes due 2019 to be issued by Rottapharm Ltd. The preliminary recovery rating on these notes is 3, indicating an expectation of meaningful recovery in the event of a payment default.

The agency said the ratings on Rottapharm reflect S&P's view of the group's fair business risk profile, supported by a profitable and diversified portfolio of products. The ratings also reflect Rottapharm's aggressive financial risk profile.

© 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.