S&P upgrades Amneal to BB-

Standard & Poor's said it raised its corporate credit rating and issue-level rating on Amneal Pharmaceuticals LLC to BB- from B+.

The outlook is stable.

The recovery rating on the senior secured debt remains 4, indicating expectations of average (30% to 50%; at the high end of the range) recovery in the event of a payment default.

"The upgrade reflects Amneal's performance that, to date in 2015, has allowed the company to achieve leverage below 4x, despite higher debt incurred earlier in 2015 to fund a dividend," S&P credit analyst Michael Berrian said in a news release.

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