Fitch assigns Actavis bonds BBB-

Fitch Ratings said it assigned a BBB- rating to the new senior unsecured bonds to be issued by an indirect subsidiary of Actavis plc.

The agency also assigned a BBB- issuer default rating to Actavis Funding SCS, the issuer of the bonds, and Warner Chilcott Ltd.

Actavis’ issuer default rating is BBB- with a stable outlook.

The new unsecured notes will be issued by Actavis Funding SCS and are expected to benefit from substantially similar upstream and downstream guarantees as the already-existing credit facilities borrowed by Actavis Capital Sarl, as well as a guarantee from Actavis Capital Sarl itself. As a result, Fitch believes the new notes will be pari passu with the rest of the unsecured debt in the capital structure.

Proceeds are expected to be used to finance a portion of the acquisition of Forest Laboratories, Inc. and to repurchase the $1.25 billion of senior unsecured notes issued by a subsidiary of legacy Warner Chilcott.

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