Moody’s upgrades Jazz Pharmaceuticals

Moody's Investors Service said it upgraded the ratings of Jazz Pharmaceuticals plc, including the corporate family rating to Ba2 from Ba3, and the probability of default rating to Ba2-PD from Ba3-PD.

Concurrently, the agency said it affirmed ratings of related subsidiaries, including Jazz Financing Lux Sarl's senior secured bank credit facility rating at Ba2 and Jazz Securities DAC's senior secured notes rating at Ba2. At the same time, Moody's changed the outlook to stable from positive. The speculative grade liquidity rating remains unchanged at SGL-1.

"The ratings upgrade reflects Moody's expectation for ongoing deleveraging and improved operating performance due to strong demand and volume growth of Xywav, Epidiolex, Rylaze and Zepzelca franchises, over the next 12-18 months," said Vladimir Ronin, Moody's lead analyst for Jazz, in a press release.

"Furthermore, the growth of these product franchises, as well as a robust pipeline have improved Jazz's product diversity, reducing the impact of Jazz's exposure to generic competition for Xyrem," added Ronin.

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