PARIS (S&P Global Ratings) Dec. 4, 2020--S&P Global Ratings believes Antigua Bidco Ltd., operating under the name Atnahs (B-/Stable/--), can absorb its acquisition of Valium (Diazepam) while keeping its credit metrics in line with the current rating. Atnahs will finance the acquisition primarily with a mix of generated cash and drawings under its revolving credit facility. This is in line with our base case that the company will use excess and generated cash to fund mergers and acquisitions and support topline growth. We estimate our calculation of leverage will remain at about 5x-6x over 2021-2022 after the acquisition. Atnahs is a U.K.-based aggregator of off-patent drugs. It has announced plans to acquire Valium (Diazepam) from Roche. The drug, primarily used
