Moody’s gives Takeda notes A2

Moody's Investors Service said it assigned A2 ratings to Takeda Pharmaceutical Co. Ltd.'s (A2) proposed senior unsecured notes.

These new notes are under review for downgrade as are Takeda's existing rated debt, as well as issuer ratings.

The new notes include senior unsecured notes due 2020, senior unsecured floating-rate notes due 2020, senior unsecured notes due 2021, senior unsecured floating-rate notes due 2021, senior unsecured notes due 2023, senior unsecured floating-rate notes due 2023 and senior unsecured notes due 2028.

“Takeda's ratings reflect its strong position in the global pharmaceutical market, but are also constrained by the company's high leverage and weaker profitability when compared with its global peers,” the agency said in a news release.

“Takeda's ratings have been under review for downgrade since May 2018 when the company announced its ¥7 trillion ($64 billion) acquisition of Shire plc (Baa3 review for upgrade), reflecting an expected material increase in leverage.”

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