Strong and established position in the private-label consumer health care over-the-counter (OTC) pharmaceuticals and infant nutritional markets. Favorable long-term demographic trends, particularly an aging population seeking lower cost healthcare products. Good product diversification. Long-standing relationships with large retailers, although some concentration, including with Wal-mart. Legacy businesses have a good track record operating in a highly regulated environment. Competes against several large, branded healthcare and pharmaceutical companies with significant financial resources. Expectation for growing royalty stream from multiple sclerosis (MS) treatment Tysabri, notwithstanding its unique, low probability risks. Solid forecasted free cash flow should enable rapid credit measure improvement. Efficient tax structure following reincorporation in Ireland. Our negative rating outlook reflects meaningful credit measure deterioration, which occurred following the acquisition of
