Actavis plc (ACT) Credit (Cash) Downgraded at BofA/Merrill Lynch

BofA/Merrill Lynch is making a credit rating change to Actavis plc (NYSE: ACT), downgrading ACT cash from Overweight to Underweight.

The change comes amid new tax inversion rules announced by the Treasury which lowers the likelihood of a tax inversion bid for Actavis. In addition, they see increased event risk on reports Actavis made an all-cash offer of for Allergan (NYSE: AGN). While rejected, Actavis is still said to be interested in a deal.

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