Moody’s ups Endo loans to Baa3

Moody's Investors Service said it upgraded the senior secured ratings of Endo Luxembourg Finance I Co. Sarl, including the senior secured revolving credit facility due 2019, the senior secured term loan A due 2019 and senior secured term loan B due 2021, to Baa3 from Ba1.

There are no changes to Endo's other existing ratings, including the Ba3 corporate family rating, Ba3-PD probability of default rating, B1 senior unsecured rating and SGL-2 speculative grade liquidity rating.

The outlook is stable.

Moody’s said the upgrade reflects the final financing mix associated with Endo's recent acquisition of Auxilium Pharmaceuticals, Inc., which incorporated a higher portion of unsecured debt than Moody's original expectations including $1.2 billion of recently issued senior unsecured notes. The senior unsecured notes provide greater loss absorption for secured creditors in the event of default, resulting in a one-notch upgrade of the senior secured ratings, the agency said.

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