Perrigo Company plc Announces Quarterly Dividend

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S&P Downgrades Perrigo (PRGO) to 'BBB-'; Sees Weakness in High-Margin Business

April 26, 2016 12:14 PM EDT

Standard & Poor's Ratings Services lowered all of its ratings on Perrigo Co. plc (NYSE: PRGO), including the corporate credit rating to 'BBB-' from 'BBB'. The outlook is stable. Reported debt outstanding as of Dec. 31, 2015 was about $6 billion.

"The downgrade reflects our expectation for weakness in Perrigo's high-margin generic pharmaceutical business, largely resulting from intensifying competition and lower pricing, and a further expected decline in the recently acquired European branded consumer business," said Standard & Poor's credit analyst Gerald Phelan. "As a result, we now forecast adjusted debt-to-EBITDA in the mid-3x area over... More