2012年10月18日 / 晚上8点35分 / 5 年前

TEXT-S&P rates NBTY Inc notes

Oct 18 - Standard & Poor's Ratings Services today assigned issue-level and recovery ratings to Ronkonkoma, N.Y.-based NBTY Inc.'s $550 million of senior unsecured notes, which were originally launched in the amount of $500 million. The notes are issued by NBTY's holding company, Alphabet Holding Co. Inc. We assigned the notes our issue-level rating of 'B-' (two notches lower than the 'B+' corporate credit rating on the company) with a recovery rating of '6', indicating our expectation for negligible (0% to 10%) recovery for lenders in the event of a payment default. The net proceeds of the notes will fund a $750 million investor dividend, the remainder of which will be funded with cash from the balance sheet. This largely debt-financed dividend will not, in our view, result in any material change to credit metrics as the company's operating performance continues to improve. The corporate credit rating on NBTY is 'B+' and the rating outlook is stable. The rating reflects our assessment of the company's financial risk profile as "aggressive" and its business risk profile as "fair." RELATED CRITERIA AND RESEARCH

-- Business Risk/Financial Risk Matrix Expanded, Sept. 18, 2012

-- Criteria Guidelines For Recovery Ratings..., Aug. 10, 2009

-- 2008 Corporate Criteria: Rating Each Issue, April 15, 2008 RATINGS LIST NBTY Inc. Corporate credit rating B+/Stable/-- Ratings Assigned Alphabet Holding Co. Inc. Senior unsecured $550 mil. notes B-

Recovery rating 6

0 : 0
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