Moody’s downgrades Baxalta to Baa3

Moody's Investors Service said it downgraded the senior unsecured long-term ratings of Baxalta Inc. to Baa3 from Baa2, concluding a review initiated on Jan. 11.

This follows Shire plc’s acquisition of Baxalta on June 3.

Following the acquisition, Baxalta is part of a larger, more diversified entity, but one with considerably higher financial leverage. Shire has unconditionally guaranteed Baxalta's senior unsecured notes. As such, the rating on the Baxalta notes mirrors Shire's Baa3 issuer rating and stable outlook.

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