Moody's confirms Centerpulse

Moody's Investors Service confirmed Centerpulse's ratings including its senior implied at Ba2. The outlook is positive. The confirmation concludes a review begun on March 22.

Moody's said the confirmation reflects the fact that upon successful completion of Smith & Nephew's proposed acquisition of Centerpulse Smith & Nephew intends to refinance Centerpulse's existing debt, Centerpulse will become a subsidiary of Smith & Nephew and its operations be integrated into the combined new entity and the combined entity will become the number three player in the global orthopaedics market with pro forma fiscal 2002 sales of over £1.6 billion.

The positive outlook reflects Centerpulse's performance to date in reducing leverage and improving operating cash flow as well as the expanded market potential the acquisition by Smith & Nephew represents, Moody's said.

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