S&P: King Pharma watch to developing

Standard & Poor's said it revised its CreditWatch listing on King Pharmaceuticals Inc. to CreditWatch developing.

King had been on CreditWatch positive since July 26 following the announcement that unrated Mylan Laboratories would acquire the company for about $4 billion in Mylan stock.

The King ratings on CreditWatch include the BB corporate credit, BB senior secured and BB- senior unsecured ratings.

S&P said the outlook revision reflects the increased uncertainty that the transaction will be completed as originally proposed, as King needs to restate prior financials and increase reserves for higher-than-expected product returns.

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