Moody's might lift Rottapharm

Moody's Investors Service said it placed the B1 corporate family rating and B1-PD probability of default rating of Rottapharm SpA on review for upgrade.

The agency also placed the Ba3 rating on the unsecured notes issued by Rottapharm's wholly owned subsidiary Rottapharm Ltd. on review for upgrade.

"The decision to place the ratings on review for upgrade follows Rottapharm's plans to use proceeds from a potential initial public offering to reduce its outstanding bank debt as outlined in its Q1 2014 results," Knut Slatten, a Moody's assistant vice president, analyst and lead analyst for Rottapharm, said in a news release.

"Under the proposed terms, a successful IPO will significantly de-leverage the capital structure as well as materially improve Rottapharm's liquidity profile."

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