...BOSTON (Standard & Poor's) April 7, 2015--Standard & Poor's Ratings Services today assigned its '##-' issue-level rating to the proposed $1.2 billion of senior unsecured notes co-issued by Mallinckrodt International Finance S.A. and Mallinckrodt CB LLC and guaranteed by parent Mallinckrodt PLC and some of its subsidiaries. Proceeds will be used to partly fund subsidiary Mallinckrodt Enterprises LLC's purchase of Ikaria Inc. The recovery rating is '4', reflecting our expectation of average (30% to 50%) recovery--on the high end of the range--in the event of payment default. The '##-' issue-level rating and '4' recovery rating on the $900 million 5.75% senior unsecured notes due August 2022 are unchanged. The 'B' issue-level rating and '6' recovery rating on the $300 million 3.50% senior unsecured notes due April 2018 and the $600 million of 4.75% senior unsecured notes due April 2023 are also unchanged. Those tranches of senior unsecured notes are guaranteed only by parent Mallinckrodt PLC,...
