Perrigo Co. PLC's Ratings Affirmed, Removed From CreditWatch; Outlook Negative

Less than 50% of Ireland-based Perrigo Co. plc's (Perrigo) stockholders have agreed to tender their shares to Mylan N.V. (Mylan), meaning the hostile takeover attempt of Perrigo has failed. We assume Perrigo will remain an independent company in the consolidating global health care industry. We are affirming all of our ratings on Perrigo, including our 'BBB' corporate credit rating, removing them from CreditWatch, where they were placed with negative implication on April 9, 2015, and assigning a negative outlook. The negative outlook reflects the downside risk for the company's financial policy to become more aggressive than we currently assume, which could include higher than expected acquisition activity or share repurchases, resulting in debt to EBITDA remaining above 3x over our

...+ Less than 50% of Ireland-based Perrigo Co. plc's (Perrigo) stockholders have agreed to tender their shares to Mylan N.V. (Mylan), meaning the hostile takeover attempt of Perrigo has failed. + We assume Perrigo will remain an independent company in the consolidating global health care industry. + We are affirming all of our ratings on Perrigo, including our '###' corporate credit rating, removing them from CreditWatch, where they were placed with negative implication on April 9, 2015, and assigning a negative outlook. + The negative outlook reflects the downside risk for the company's financial policy to become more aggressive than we currently assume, which could include higher than expected acquisition activity or share repurchases, resulting in debt to EBITDA remaining above 3x over our forecast horizon. It is also possible that new suitors for Perrigo could emerge. CHICAGO (Standard & Poor's) Nov. 13, 2015--Standard & Poor's Ratings Services said today that it affirmed all of its ratings...

Ratings Action