Moody's eyes Horizon for upgrade

Moody's Investors Service said it placed certain ratings of Horizon Therapeutics USA, Inc., a subsidiary of Horizon Therapeutics plc on review for upgrade. These include the Ba1 corporate family rating, the Ba1-PD probability of default rating, the Ba1 senior secured rating and the Ba2 senior unsecured rating. The speculative grade liquidity rating remains unchanged at SGL-1. Moody's revised the outlook to ratings under review from stable.

These actions follow the announcement that Amgen Inc. will buy Horizon for about $27.8 billion plus the assumption of Horizon's net debt, the agency said. The companies expect the transaction to close in the first half of 2023.

“The development is credit positive for Horizon as it will become part of a larger, higher-rated company,” Moody’s said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.