S&P ups Warner notes; loan at BBB-

Standard & Poor's said that it assigned a BBB- issue-level rating and 1 recovery rating to Warner Chilcott plc's proposed $3.25 billion senior secured credit facility.

S&P raised the issue-level rating on the company's existing $1.25 billion senior unsecured notes to BB from B+ and revised the recovery rating on the notes to 4 from 6.

S&P affirmed the BB corporate credit rating and stable outlook.

The ratings reflect the view that the threat of generic competition to the company's product portfolio in light of limited internal research and development capabilities will result in additional product or company acquisitions over the next one to two years, the agency said.

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