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Mallinckrodt International Finance SA -- Moody's downgrades Mallinckrodt's CFR to B2; outlook remains negative

Moody's Investors Service ("Moody's") downgraded Mallinckrodt International Finance SA's ("Mallinckrodt") Corporate Family Rating ("CFR") to B2 from B1 and Probability of Default Rating ("PDR") to B2-PD from B1-PD. Moody's downgraded the senior secured revolver and term loans to Ba3 from Ba2, the guaranteed senior unsecured notes to B3 from B2, and the unguaranteed senior unsecured notes to Caa1 from B3. The Speculative Grade Liquidity Rating was affirmed at SGL-2.