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Moody's upgrades Elan
Moody's Investors Service said it upgraded Elan Corp., plc's corporate family rating to B1 from B2.
The agency also said it upgraded the company's senior unsecured notes due in 2016 to B1 (LGD 4, 66%) from B2 (LGD 4, 66%) and the probability of default rating to Ba3 from B1.
Moody's also said it affirmed the SGL-1 speculative-grade liquidity rating.
The outlook is stable.
The upgrade reflects Elan's significant deleveraging in 2011 and an expectation for improving EBITDA driven by rising Tysabri sales, Moody's said.
The ratings also consider the company's limited scale, high product concentration risk and modest free cash flow generation, the agency said.
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