U.S.-based Perrigo Co. has established Ireland-based Perrigo Co. Ltd (PCL) to acquire Elan Corp. PLC. PCL, which recently closed $1.6 billion of senior unsecured credit facilities, plans to issue about $2.3 billion of senior unsecured notes to partly fund the acquisition. Standard&Poor's is assigning its 'BBB' corporate credit rating to the company, and its 'BBB' senior unsecured issue rating to the debt. The negative outlook reflects the potential that PCL may not improve credit metrics to levels consistent with an "intermediate" financial risk profile within the next 18 months, and the risks related to acquiring a company outside of its core business. On Nov. 5, 2013, Standard&Poor's Ratings Services assigned its 'BBB' corporate credit rating to
