Alkermes' performance for the fiscal year ended March 31, 2013, exceeded our expectations, with leverage declining to less than 2x, and we expect financial metrics to further improve over the near term. We are raising the corporate credit rating to 'BB' from 'BB-' and the first-lien rating to 'BB+' from 'BB'. The stable outlook reflects our expectation of low single digit revenue growth and continued free cash flow generation of about $100 million annually that we believe will be partly used for debt reduction. On July 3, 2013, Standard&Poor's Ratings Services raised its corporate credit rating on Ireland-based Alkermes PLC to 'BB' from 'BB-'. The outlook is stable. At the same time, we raised the first-lien issue-level rating
