Moody's alters AstraZeneca trend to stable

Moody's Investors Service said it changed the outlook for AstraZeneca plc and its subsidiaries to stable from negative and affirmed its A3 senior unsecured ratings. Concurrently, the agency affirmed Zeneca Wilmington Inc.'s and AstraZeneca Finance LLC's A3 backed senior unsecured ratings.

"Today's outlook change to stable from negative reflects AstraZeneca's continued strong operating momentum. Following the large acquisition of Alexion in 2021, it has allowed the company to restore credit ratios in line with the requirements for its A3 rating, including Moody's-adjusted gross debt/EBITDA of 2.6x at the end of September 2022 and positive free cash flow generation," said Frederic Duranson, a Moody's vice president, senior analyst and lead analyst for AstraZeneca, in a press release.

"In addition, AstraZeneca maintains prospects for very solid growth in the next two years, supported by its innovative portfolio of drugs and continuous new launches, thereby providing an opportunity to further strengthen its credit ratios," Duranson added.

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