S&P puts Par Pharmaceuticals on positive watch

Standard & Poor’s said it placed the ratings on Par Pharmaceutical Cos. Inc., including the B corporate credit rating, on CreditWatch with positive implications.

The CreditWatch placement follows news that Endo International plc will acquire Par for $8 billion in cash and equity, S&P said.

The agency also said it affirmed Par’s B+ corporate credit rating.

S&P said it will resolve the CreditWatch placement when the acquisition closes.

The agency said it expects to raise the rating on Par to be equal with that of Endo and subsequently withdraw the corporate credit rating on Par.

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