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S&P puts Rottapharm on watch
Standard & Poor’s said it placed its BB- long-term corporate credit rating on Rottapharm on CreditWatch with negative implications.
At the same time, S&P placed on CreditWatch negative the BB- issue rating on the €400 million senior unsecured notes due 2019 issued by Rottapharm Ltd., a subsidiary of Rottapharm. S&P also revised the recovery rating on the notes to 4 from 3, owing to a higher amount of prior-ranking liabilities, indicating an expectation of average (30%-50%) recovery in the event of a payment default.
The CreditWatch placement reflects the announced takeover bid of Rottapharm by Swedish group Meda AB.
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