Moody's affirms Warner Chilcott

Moody's Investors Service said it affirmed the ratings of Warner Chilcott Co., LLC, Warner Chilcott Corp. and WC Luxco Sarl, all subsidiaries of Warner Chilcott plc. The affirmed ratings include the B1 corporate family rating, the B1 rating on the company's senior secured credit facilities and the SGL-1 speculative grade liquidity rating.

The outlook is stable.

The affirmation follows Warner Chilcott's announcement of a special $2.15 billion shareholder dividend to be funded with $2.25 billion of new debt that may include both senior secured bank debt and unsecured debt.

The agency said the dividend will increase Warner Chilcott's financial leverage but to a level already incorporated in Moody's assumptions for the B1 rating.

Moody's estimates the pro forma debt-to-EBITDA ratio at 3.7 times.

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