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S&P keeps Chiron on positive watch
Standard & Poor's said its ratings for Chiron Corp. remain on CreditWatch with positive implications. Ratings on watch include its BBB+ corporate credit and senior unsecured debt ratings.
On Monday, the company and its 42% owner, Novartis AG (AAA/stable/A-1+), agreed to a revised $5.1 billion definitive merger agreement, the agency said.
If the transaction is completed as expected in the first half of 2006, S&P said its ratings on Chiron's debt will be raised to AAA, unless the debt is retired.
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