Moody's rates Elan Finance notes Ba3

Moody's Investors Service said it confirmed the ratings of Elan Corp. plc, including the Ba3 corporate family rating and the Ba2-PD probability of default rating.

At the same time, Moody's assigned a Ba3 rating to the new senior unsecured note offering of Elan Finance plc, guaranteed by Elan.

The outlook is stable.

Moody's said it anticipates that Elan will continue business development, but the targets are difficult to predict given that some have been financial assets (the Theravance royalties) while others have been companies with operating risks (AOP Orphan).

The rating also reflects Elan's very good liquidity and expectations of rising EBITDA and cash flow generated by its primary asset, Tysabri, the agency said.

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