Moody’s affirms Endo

Moody's Investors Service said it confirmed ratings of Endo Luxembourg Finance I Co. Sarl and subsidiaries, including the Ba3 corporate family rating, Ba3-PD probability of default rating, Baa3 senior secured rating and B1 senior unsecured rating, and affirmed the SGL-2 speculative grade liquidity rating.

The outlook is stable.

These actions conclude the review initiated on March 12.

Moody’s said the confirmation follows Endo's decision to withdraw its offer to purchase Salix Pharmaceuticals Ltd., which would have increased Endo's financial leverage. Although the offer signaled a more aggressive approach to acquisitions than Moody's previously incorporated, the deal employed significant use of equity financing and had deleveraging opportunities.

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