S&P rates Endo notes B

Standard & Poor's said it assigned its B issue-level rating to Endo International plc subsidiaries Endo Ltd., Endo Finance LLC and Endo Finco Inc.'s new $1,435,000,000 senior unsecured notes.

The recovery rating is 5, indicating an expectation for modest (10% to 30%, at the lower end of the range) recovery of principal in the event of payment default.

At the same time, S&P is lowering the rating on Endo and its subsidiaries' existing senior unsecured debt instruments to B from B+.

The rating on the senior unsecured debt was removed from CreditWatch, where it was placed with negative implications on May 20 following the announcement of the acquisition of Par Pharmaceuticals.

Endo’s corporate credit rating is B+ and the outlook is stable.

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