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S&P acts on U.S. pharmaceuticals
S&P said it reviewed most of its recovery and issue-level ratings in the U.S. pharmaceutical sector for speculative-grade corporate issuers that were labeled as "under criteria observation" (UCO) after publishing its revised recovery ratings criteria on Dec. 7.
With its criteria review complete, the agency removed the UCO designation from these ratings and revised issue-level and recovery ratings as appropriate.
These actions stem solely from the application of S&P’s revised recovery criteria and do not reflect any change in its assessment of the corporate credit ratings for issuers of the affected debt issues.
Akorn Inc.’s senior secured rating was raised to BB- from B+ with the recovery rating revised to 2H from 3L.
Albany Molecular Research Inc.’s senior unsecured rating was upgraded to B- from CCC+ with the recovery rating revised to 5L from 6. Its senior secured rating was affirmed at B with the recovery rating revised to 3H from 3L.
Arbor Pharmaceuticals LLC’s senior secured rating was lifted to BB from BB- with the recovery rating revised to 2L from 3L.
DPx Holdings BV’s senior unsecured rating was raised to B- from CCC+ with the recovery rating revised to 5H from 6. Its senior secured rating was affirmed at B with the recovery rating revised to 3H from 3L.
Sucampo Pharmaceuticals Inc.’s senior secured rating was raised to B+ from B with the recovery rating revised to 2H from 3H.
Lantheus Medical Imaging Inc.’s senior secured rating was affirmed a B with the recovery rating revised to 3H from 4L.
Mallinckrodt CB LLC’s and Mallinckrodt International Finance SA’s senior unsecured ratings were affirmed at BB- with the recovery ratings revised to 3H from 4L.
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