Moody's reviews Elan

Moody's Investors Service said it placed Elan Corp. plc's B3 corporate family rating, B2 probability-of-default rating and the B3 rating on Elan's senior unsecured bonds under review for upgrade.

Notes guaranteed by Elan are Elan Finance plc's fixed-rate senior notes of $850 million due 2011, floating-rate senior notes of $300 million due 2011 and fixed-rate senior notes due 2013 rated B3 (LGD4, 65%).

The review reflects Elan's definitive agreement with Johnson & Johnson involving Elan's Alzheimer's immunotherapy program, according to the agency.

"The transaction is expected to have a very favorable impact on Elan's capital structure and liquidity profile, prompting the rating review for possible upgrade," Moody's senior vice president Michael Levesque said in a statement.

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