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S&P still may lift Nycomed
Standard & Poor's said it is keeping the B+ long-term corporate credit rating on Nycomed SCA Sicar on CreditWatch positive, where it was placed on May 20.
The update reflects the acquisition of Nycomed A/S by Takeda Pharmaceutical Co. Ltd. (AA/Watch negative/A-1+) for €9.6 billion, the agency said.
In addition, the watch now reflects that on the close of the acquisition, Nycomed will repay its outstanding senior secured debt of about €4 billion in full using the proceeds from the disposal of Nycomed A/S, the agency noted.
The rating reflects the company's aggressive financial risk profile, with a track record of using debt as the primary source of financing acquisitions, S&P said.
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