Moody's lifts Alkermes loans

Moody's Investors Service said it upgraded the ratings of Alkermes, Inc., including the corporate family rating to Ba3 from B1 and the probability of default rating to Ba3-PD from B1-PD.

Moody's also upgraded the company's secured credit facility ratings to Ba3 from B1 and the speculative grade liquidity rating to SGL-1.

"The rating upgrade reflects our expectation that positive trends from Alkermes' five key products coupled with conservative financial policies will result in improving credit metrics," Moody's senior vice president Michael Levesque said in a news release.

"The upgrade of the Speculative Grade Liquidity Rating reflects growth in Alkermes' cash levels and our expectations that cash flow will rise and exhibit less volatility."

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