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Moody’s could lift Acelity
Moody's Investors Service said it placed the ratings of Acelity LP, Inc. under review for upgrade.
On Dec. 20, Acelity announced an agreement to sell its regenerative medicine business to Allergan, Inc. (Baa3 stable) for $2.9 billion.
Moody's said it expects Acelity to use the majority of the transaction's after-tax proceeds to pay down debt. Under such a scenario, the company's leverage profile would undergo substantial improvement.
The agency estimates that pro forma adjusted debt to EBITDA, currently about 7.2 times, could potentially decline by one to two full turns.
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