Moody's reviews Axcan

Moody's Investors Service said it placed the ratings of Axcan Intermediate Holdings, Inc.'s B1 corporate family and probability-of-default ratings under review for downgrade.

The company also has ratings of Ba2 (LGD2, 28%) for its senior secured revolving credit facility of $115 million due 2014, senior secured term loan A due 2014 and 9¼% senior secured notes due 2015, and of B3 (LGD5, 83%) for its 12¾% senior unsecured notes due 2016.

The action follows the recently issued FDA communication to health care professionals and the public, recommending that patients not currently taking an approved pancreatic enzyme product to begin working with their health care professionals to switch to an FDA-approved PEP, according to the agency.

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