Moody's affirms King

Moody's Investors Service said it affirmed the Ba3 ratings of King Pharmaceuticals, Inc., including the Ba3 corporate family rating and Ba3 senior secured credit facility rating.

The outlook remains stable.

The agency said that this rating action follows King's announcement that it has submitted to the board of directors of Alpharma, Inc. a proposal to acquire Alpharma for $1.4 billion in cash, adding that the acquisition proposal is subject to shareholder approval and required regulatory approvals.

"The affirmation of King's Ba3 ratings reflects sound strategic rationale for acquiring Alpharma and significant cushion in King's credit metrics even following the recent launch of Altace generics," stated Michael Levesque, Moody's senior vice president.

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