...March 25, 2024 - Dublin-based Perrigo Co. PLC recently announced infant formula remediation actions following the receipt of a warning letter and Form 483 (observations after inspection) from the FDA, and a new global restructuring plan (Energize), which is in addition to the previously established, multiyear supply chain reinvention program (SCRP). - Restructuring and remediation costs will cause significant credit measure deterioration in 2024, notwithstanding our expectation for continued improvement in the underlying business, excluding infant formula, which we assume will weaken. - We lowered all of our ratings on the over-the-counter (OTC) self-care company by one notch, including the issuer credit rating to '##-' from '##', the senior secured rating to '##' from '##+', and the senior unsecured rating to 'B+' from '##-'. The senior secured and senior unsecured recovery ratings remain '2' (70%-90%; rounded estimate: 75%) and '5' (10%-30%; rounded estimate: 25%), respectively. - All...
