New York, July 29, 2013 -- Moody's Investors Service assigned a B3 Corporate Family Rating and a Caa1-PD Probability of Default Rating to Surgical Specialties Corporation (US), Inc. (SSC). At the same time, Moody's assigned a B3 to SSC's new First Lien Senior Secured Term Loan B and First Lien Senior Secured Revolver. SSC is the borrowing entity for Angiotech Pharmaceuticals, Inc., which emerged from bankruptcy in 2011. The rating outlook is negative. Proceeds from this transaction will be largely distributed to shareholders. Following the restructuring of Angiotech's legacy debt in 2011, 80% of Angiotech is now owned by Courage Capital Management, Blue Mountain Capital and Beach Point Capital Management.
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