Moody's rates Endo notes B1

Moody's Investors Service said it assigned a B1 (LGD5) rating to the new senior notes being co-issued by Endo Finance LLC and Endo Finco Inc. There are no changes to Endo International plc’s existing ratings, and the outlook is stable.

Note proceeds, together with cash on hand and new equity, will to be used to fund the pending acquisition of Auxilium Pharmaceuticals, Inc.

The agency said Endo's Ba3 corporate family rating reflects its modest size and scale relative to larger pharmaceutical peers, partially offset by the company's solid market positioning as a niche player in the pain and urology markets and by its revenue diversity across branded drugs, generic drugs and medical devices.

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