Ireland-based Perrigo has announced that it will acquire Belgium-based Omega Pharma NV for €3.6 billion. The company will gain access to millions of new customers mainly in Europe, presenting both revenue and cost synergies, while temporarily weakening credit ratios. We are affirming all of our ratings on the health care company, including our 'BBB' corporate credit rating. The outlook remains negative, reflecting the meaningful credit measure deterioration that will result from the proposed acquisition, including pro forma leverage in the low-4x area, which could make it more difficult to navigate unexpected setbacks. On Nov. 6, 2014, Standard&Poor's Ratings Services affirmed all of its ratings on Dublin-based Perrigo Co. plc, including its 'BBB' corporate credit and senior unsecured debt
