Moody's ups Elan, units

Moody's Investors Service said it upgraded the ratings of Elan Corp. plc (senior unsecured to B3 from Caa2) following the company's completion of a $1.15 billion senior note offering and tender offer for 90% of the outstanding EPIL III notes.

Moody's also affirmed the B3 rating of the senior notes recently issued by Elan Finance plc. Following these actions, the outlook is stable.

Moody's also upgraded Elan's issuer rating to Caa1 from Caa2, Athena Neurosciences Finance LLC's $650 million of senior notes due 2008 to B3 from Caa2 and Elan Pharmaceutical Investments III Ltd.'s $39 million senior notes to B3 from Caa2.

Moody's said the upgrade of Elan's senior implied rating to B3 from Caa2 primarily reflects the improvement in Elan's liquidity following the new senior note offering and EPIL III tender.

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