MILAN (S&P Global Ratings) Dec. 6, 2021--S&P Global Ratings said today that Rossini Acquisition Sarl's operating subsidiary Recordati's announced agreement to acquire U.K.-based EUSA Pharma will decelerate Rossini's deleveraging trajectory, but will not put material pressures on its credit metrics. We project adjusted FFO to debt at Rossini (B/Stable/--) is likely to remain at the low end of the 8%-10% range over 2022-2023 pro forma the acquisition, compared with 9.5%-10% expected in 2021 and FFO cash interests in the 2.0x-2.5x range in the same period. On Dec. 3, Recordati announced that it had signed a share purchase agreement to acquire EUSA Pharma, a U.K.-based global pharma company controlled by funds managed by EW Healthcare Partners specialized in rare and niche
