Moody's gives Warner Chilcott loan Ba3, notes B3

Moody's Investors Service said it assigned a rating of Ba3 to the proposed new senior secured credit facilities of Warner Chilcott Corp., Warner Chilcott Co., LLC and WC Luxco Sàrl.

At the same time, Moody's said it assigned a B3 rating to the proposed new senior unsecured notes to be co-issued by Warner Chilcott Co., LLC and Warner Chilcott Finance LLC.

Each of the borrowers under the senior secured credit facilities and co-issuers of the senior unsecured notes is a subsidiary of Warner Chilcott plc, the agency said.

At the same time, Moody's said it withdrew the ratings on Warner Chilcott's former senior secured credit facilities.

In addition, Moody's noted that it affirmed Warner Chilcott's B1 corporate family rating, B1 probability of default rating, B3 senior subordinated rating and SGL-1 speculative-grade liquidity rating.

The outlook is stable.

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