Moody's lifts Elan

Moody's Investors Service said it upgraded the ratings of Elan Corp., plc., including the corporate family rating to Ba3 from B1.

The agency said it upgraded Elan's probability of default rating to Ba2 from Ba3 and the senior unsecured notes to Ba3 from B1.

Additionally, Moody's affirmed Elan's SGL-1 speculative grade liquidity rating. This concludes the ratings review for possible upgrade initiated on Aug. 13. The outlook is stable.

"The Prothena spinoff will result in Elan operating with lower debt/EBITDA due to significantly reduced R&D spend and solid free cash flows supported by Tysabri," said Michael Levesque, a Moody's senior vice president, in a news release.

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