Moody's rates Salix loans Ba1, notes B2

Moody's Investors Service said it assigned a corporate family rating of B1 to Salix Pharmaceuticals, Ltd.

At the same time, the agency assigned a B1-PD probability of default rating, a senior secured revolving credit facility and term loan rating of Ba1 (LGD 2, 18%), a senior unsecured notes rating of B2 (LGD 4, 57%) and a speculative grade liquidity rating of SGL-1.

The outlook is stable.

The ratings are being assigned in conjunction with the financings for Salix's pending acquisition of Santarus Pharmaceuticals, Inc.

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