In recent months, Mallinckrodt PLC completed open-market, below-par repurchases of two debt obligations, including material amounts on the second-lien notes maturing 2029. In the context of the company's high leverage and the 'B-' issuer credit rating, we view these repurchases as tantamount to a default under our criteria given that lenders received materially less value than they were initially promised under the terms of the original securities. Therefore, we lowered our issuer credit rating on Mallinckrodt to 'SD' (selective default) from 'B-'. At the same time, we lowered our issue-level rating on the affected 2029 secured notes to 'D' from 'CCC'. Our issue-level ratings on the other obligations are unchanged. Over the next few business days, we expect to raise
