Moody's rates Talecris loan B2

Moody's Investors Service said it assigned B2 corporate family and probability-of-default ratings to Talecris Biotherapeutics, Inc. and a B2 rating with a loss-given-default assessment of LGD4 (57%) to the company's new $1.2 billion first-priority term loan due 2013.

The outlook is stable.

The ratings are supported by the company's position as the largest "pure play" plasma products manufacturer; its number-three position, in terms of global sales, behind Baxter International Inc. and CSL Ltd.; improving fundamentals in the U.S. plasma protein market and the high barriers to entry in the market.

The agency said Talecris' ratings are adversely affected by the aggressive financial policies of the company, its limited operating history as a standalone company, its high reliance on raw plasma and the early integration of plasma collection with manufacturing. The company is assuming a significant amount of debt in order to finance a large, one-time dividend payment to its equity sponsors and to acquire plasma collection centers from International BioResources, LLC.

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