BOSTON (Standard&Poor's) April 9, 2013--Standard&Poor's Ratings Services today assigned its 'BBB-' issue-level rating to Mallinckrodt International Finance S.A.'s $900 million of senior unsecured notes. Upon separation, the company will be a wholly owned subsidiary of Mallinckrodt plc. The company will issue the notes in two tranches: $300 million of five-year notes and $600 million of 10-year notes. The company will use proceeds from the unsecured notes issuance to fund a $730 million dividend to former parent, Covidien plc, while the remainder will be cash on the balance sheet. The rating on Mallinckrodt reflects our belief that the company has an "intermediate" financial risk profile, evidenced by pro forma leverage of 2.6x and funds from operations-to-total debt
