CHICAGO (S&P Global Ratings) April 6, 2022--S&P Global Ratings today lowered its issue rating on Perrigo Investments LLC's proposed upsized senior secured bank credit facility to 'BB+' from 'BBB-'. We also revised the recovery rating to '2', indicating that lenders could expect substantial (70%-90%; rounded estimate: 85%) recovery in the event of a payment default, from '1'. The downgrade reflects the revised transaction structure, which increases the senior secured credit facility to $2.6 billion from $2.1 billion while eliminating the previously contemplated $500 million senior unsecured notes. The lower rating is driven by the higher amount of senior secured debt outstanding at default in the capital structure under our simulated default scenario. The proposed upsized senior secured bank credit facility
