Moody’s assigns Baa3 to Perrigo notes

Moody's Investors Service said it assigned a Baa3 rating to the new senior unsecured note offering of Perrigo Finance Unlimited Co.

The notes are guaranteed by Perrigo Co. plc.

There are no changes to the other Baa3 senior unsecured ratings of Perrigo or its subsidiaries.

The outlook is stable.

Proceeds offering will be used to repay amounts borrowed under Perrigo's revolving credit facilities, with the balance used for general corporate purposes.

Moody’s said the Baa3 senior unsecured rating is supported by Perrigo's leading positions in markets that have relatively stable demand characteristics, such as over-the-counter (OTC) medicines and niche, high barrier-to-entry generic drugs. The ratings are also supported by the company's scale, as well as its good product and customer diversity.

The Baa3 reflects Perrigo's long track record of growth and strong business execution, and Moody's expectation for strong, stable free cash flow.

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