Moody's rates Millipore notes Ba2

Moody's Investors Service said it assigned a Ba2 rating to Millipore Corp.'s €250 million senior unsecured notes due 2016, which reflects the structural subordination to the existing bank credit facility (Baa3) as well as the lack of a guaranty and security.

On April 27, Moody's placed the existing ratings of Millipore under review for possible downgrade following the announcement that it agreed to acquire all of the outstanding shares of Serologicals Corp. in an all-cash transaction for $1.4 billion.

Moody's said it expects to confirm the Baa3 rating on the bank credit facility when the company completes its acquisition of Serologicals.

Further, Moody's would expect to downgrade Millipore's senior unsecured notes due 2007 to Ba2 from Baa3 at the closing of the acquisition. Moody's anticipates assigning a Ba1 corporate family rating at the completion of the acquisition.

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