Staines-upon-Thames, U.K.-headquartered specialty pharmaceutical manufacturer Mallinckrodt PLC has completed its limited offer to exchange various series of its unsecured notes maturing between 2020 and 2025 for a lesser principal of new 10% second-lien notes due in 2025. We view this transaction as a distressed exchange, in which lenders are receiving less than originally promised. We are lowering our long-term issuer credit rating to 'SD' (selective default) and our unsecured issue-level ratings to 'D'. The downgrade follows Mallinckrodt's exchange of about $700 million of unsecured notes, consisting of the following series: $83.171 million of 4.875% unsecured notes due in 2020. $52.896 million of 5.75% unsecured notes due in 2022. $216.419 million of 4.75% unsecured notes due in 2023. $144.687 million of
