...New York (S&P Global Ratings) Jan. 29, 2018--S&P Global Ratings Services today assigned its '##+' issue-level rating to the proposed $500 million senior secured term loan co-issued by Mallinckrodt International Finance S.A. and Mallinckrodt CB LLC and guaranteed by parent Mallinckrodt PLC. Proceeds will be used to partly fund parent Mallinckrodt PLC's purchase of Sucampo Pharmaceuticals Inc. The recovery rating on the term loan is '1', reflecting our expectation of very high (90%-100%; rounded estimate: 95%) recovery in the event of payment default. The issue-level ratings and recovery ratings on Mallinckrodt's senior unsecured debt are unchanged at '##-'and '4', respectively. The recovery rating of '4' reflects our expectation of average (30%-50%; rounded estimate: 30%) recovery in the event of payment default. Additionally, the issue-level rating and recovery ratings on Mallinckrodt's structurally subordinated debt are unchanged at 'B' and '6', respectively. The recovery rating of '6'...
