Moody’s ups Abbott Laboratories

Moody’s Investors Service said it upgraded Abbott Laboratories’ senior unsecured ratings to Baa2 from Baa3 and upgraded its commercial paper rating to Prime-2 from Prime-3.

The outlook is positive.

The agency said the upgrade reflects Abbott's repayment of about $4 billion of bank debt in January and Moody's expectations that the company will repay at least $3.5 billion of additional debt over the course of 2018.

Moody's said it estimates pro-forma leverage, following the repayment of $7.5 billion in debt, is around three times debt/EBITDA, excluding tax liabilities on foreign earnings.

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