Ireland-based Perrigo Co. plc has announced a profit warning due to tougher competition in its generic prescription (Rx) business and further weakness in its recently acquired European branded consumer health care business. The weaker-than-expected profits have led us to revise downward our projections, and we now expect the company's financial leverage will remain elevated over the forecast period. As a result, we are lowering all of our ratings on the company, including our corporate credit rating to 'BBB-' from 'BBB'. The stable outlook reflects our expectation for EBITDA to weaken by about 10% in 2016 on a pro forma basis, which leads to a debt-to-EBITDA ratio around the mid-3x area. On April 26, 2016, Standard&Poor's Ratings Services lowered
