...New York (Standard & Poor's) Nov. 19, 2015--Standard & Poor's Ratings Services said today that Mallinckrodt PLC's new share repurchase and debt reduction programs do not affect its '##-' corporate credit rating and negative outlook on the company. Mallinckrodt announced today that its board approved an incremental $500 million share repurchase program that supplements the roughly $200 million remaining from the previously authorized share repurchase plan announced in January 2015. In addition, the company's board has authorized an open-ended plan to reduce Mallinckrodt's outstanding debt via potential redemption, repayment, or market repurchase of third-party indebtedness. Our assessment of Mallinckrodt's financial risk profile has not changed because, in our view, the $500 million share repurchase program does not signal a meaningful shift in the company's financial policy, given our expectation that Mallinckrodt will continue generating strong annual cash flow. Further, with respect to...
