S&P revises Amneal outlook to positive

Standard & Poor's said it affirmed its B+ corporate credit rating on Amneal Pharmaceuticals LLC and revised the outlook to positive from stable.

At the same time, the agency affirmed its B+ issue-level rating on the company's senior secured debt, including the $250 million add-on; the 3 recovery rating is unchanged.

"Amneal's performance to date in 2014 has continued to exceed our expectations following new product launches and better-than-expected performance of a key product," S&P credit analyst Michael Berrian said in a news release.

"The outlook revision to positive reflects our belief that the company will sustain this stronger performance through 2015 and keep leverage at less than 4x despite the incurrence of debt to predominantly fund an owner dividend."

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