Fitch rates Perrigo loans BBB-

Fitch Ratings said it gave Perrigo Investments LLC’s planned revolver and term loans BBB-/RR1 ratings. Concurrently, the agency lowered Perrigo Co. plc’s issuer rating to BB+ from BBB- and the senior unsecured credit facility and senior unsecured notes of Perrigo Co. and Perrigo Finance Unlimited Co. to BB+/RR4 from BBB-.

“The rating actions reflect Fitch's expectation that Perrigo's acquisition of HRA Pharma for roughly $2.1 billion in cash will result in leverage (total debt/EBITDA) remaining above 3.5x beyond 18-24 months after the acquisition,” the agency said in a press release.

Fitch also removed the rating watch negative and assigned a stable outlook.

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