Moody's might lift Elan

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

At the same time, the agency affirmed Elan's SGL-1 speculative grade liquidity rating.

Moody's said this action follows the news that Perrigo Co. will acquire Elan for about $8.6 billion. The transaction is expected to close by year-end 2013 and is subject to Perrigo and Elan shareholder approvals, as well as review by the Irish High Court. Perrigo is rated Baa3 with a stable rating outlook.

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