Moody's may lift Schering-Plough

Moody's Investors Service said it placed the ratings of Schering-Plough Corp. under review for possible upgrade, including its Baa1 long-term and Prime-2 short-term rating.

The agency said it affirmed the ratings of Merck & Co., Inc., including its Aa3 long-term rating and Prime-1 short-term rating, while revising the outlook to negative from stable.

These rating actions follow the announcement the Merck and Schering-Plough have entered a definitive merger agreement, the agency said, noting that under terms of the agreement, total consideration will be $23.61 per share or about $41 billion, and will be financed with about 56% equity and 44% cash.

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