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Published on 9/29/2010 in the Prospect News Convertibles Daily and Prospect News High Yield Daily.

S&P affirms Elan; outlook down to stable

Standard & Poor's said it affirmed its B corporate credit rating and its B issue-level rating on Elan Corp. plc.

At the same time, the agency said it revised its outlook to stable from positive.

"The outlook revision reflects financial underperformance relative to its expectations when we revised the outlook to positive in Sept. 2009," said S&P credit analyst Michael Berrien, "including delayed free operating cash flow generation and slower-than-anticipated growth in the company's main product, Tysabri."


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