Moody's puts Nycomed on review

Moody's Investors Service said it placed the B2 corporate family rating of Nycomed A/S and the B3 senior secured rating on the notes due 2013 issued by Nyco Holdings 2 Aps on review with direction uncertain following the company's announcement of an agreement to acquire Altana Pharma AG for a total value of €4.2 billion.

The agency said the direction uncertain reflects the improved geographic diversification and business profile of the combined entity and the uncertainty as to how Nycomed will fund the acquisition and the resulting impact on financial leverage. The positioning of the existing bond within the capital structure of the enlarged group has also yet to be clarified.

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