Moody's rates Axcan loans, notes Ba2

Moody's Investors Service said it affirmed the B1 corporate family and probability-of-default ratings of Axcan Intermediate Holdings, Inc. following changes to capital structure.

The capital structure changes reflect difficult market conditions in the bank loan market.

The agency said it assigned Ba2 ratings (LGD2, 29%) to $175 million senior secured term loan A due 2014 and $228 million senior secured notes due 2015.

Also affirmed are the Ba2 rating (LGD2, 29%) on $115 million senior secured revolving credit facility due 2014 and the B3 rating (LGD5, 83%) on $235 million senior unsecured notes due 2016, along with the speculative grade liquidity rating of SGL 2.

The outlook is stable.

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