S&P rates Warner Chilcott loan B, notes CCC+

Standard & Poor's said it assigned a B corporate credit rating to Warner Chilcott Corp., a holding company that is purchasing Warner Chilcott plc.

At the same time, S&P assigned ratings to a series of debt offerings, part of which Warner Chilcott will use to fund the acquisition.

S&P assigned a B rating to Warner Chilcott's proposed $1.64 billion senior secured credit facility. S&P also assigned a CCC+ subordinated debt rating to the company's $750 million in senior subordinated notes due 2015.

The low-speculative-grade ratings reflect the heavy debt load being incurred to consummate the acquisition of Warner Chilcott, according to S&P. The rating will also benefit, however, from Warner Chilcott's diverse product portfolio following the acquisition.

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