Pharmaceutical company Mallinckrodt PLC has outperformed our 2015 base-case projections for profitability and cash flow generation. We are revising our forecast for 2016 and now expect adjusted leverage to improve to 4.5x by the end of 2016, modestly lower than our previous projection of 4.9x. We are affirming our 'BB-' corporate credit rating and all existing issue-level ratings and revising the outlook to stable from negative. The stable outlook reflects our assessment that the company will be able to successfully reduce leverage below 5.0x in 2016 and sustain it in the mid-4.0x range going forward. On Jan. 25, 2016, Standard&Poor's Ratings Services affirmed its 'BB-' corporate credit rating on Dublin, Ireland-based Mallinckrodt PLC and revised the outlook to
