S&P: Concordia International to stable

S&P said it affirmed its B corporate credit rating on Concordia International Corp. and revised the outlook to stable from positive.

At the same time, the agency affirmed its B+ rating on the company's senior secured credit facilities and its CCC+ rating on the unsecured debt.

The recovery rating on the senior secured debt remains 2, indicating expectations for substantial (70%-90%, at the low end of the range) recovery in the event of a payment default. The recovery rating on the unsecured debt remains 6, reflecting an expectation for negligible (0%-10%) recovery in the event of a payment default.

"The outlook revision on Concordia International follows the recent weak quarter characterized by heightened competitive pressures and the impact of Brexit," S&P credit analyst Kim Logan said in a news release.

© 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.