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Fitch rates Forest Labs BBB-; affirms Actavis
Fitch Ratings said it affirmed Actavis plc and its subsidiaries at BBB- and assigned a BBB- issuer default rating and senior unsecured bonds rating to Forest Laboratories, Inc.
The outlook is stable.
The actions follow the close of Actavis' acquisition of Forest Labs for about $28 billion and apply to $8.7 billion of debt at March 31, plus $3 billion of Forest Labs bonds, $3.7 billion of Actavis bonds issued in May and a newly drawn $2 billion unsecured term loan.
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