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Financings in Brief: Mallinckrodt

This article was originally published in The Gray Sheet

Executive Summary

Mallinckrodt: Standard & Poor's lowers the firm's corporate credit rating to "BBB" from "A-," citing Mallinckrodt's recent acquisition of Nellcor Puritan Bennett for about $1.9 bil. "The additional debt associated with the Nellcor acquisition limits the company's financial flexibility," S&P explains. The company's senior debt also has been downgraded to BBB from A- and its preferred stock is changed to BBB from BBB+. S&P notes Mallinckrodt has been removed from its "CreditWatch," where it was placed July 24...
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