Moody's ups Bayer outlook to stable

Moody's Investors Service said it changed the outlook to stable from negative on the A3 rating for the senior unsecured debt of Bayer AG and its guaranteed subsidiaries (Bayer Capital Corp. BV, Bayer Holding Ltd. and Bayer Corp.) as well as the Baa2 rating assigned to the subordinated notes issued by Bayer AG and Bayer Capital Corp. BV.

The P-2 short term issuer rating remains unchanged, the agency said.

The assignment of the stable outlook reflects Bayer's resolute execution of the Schering integration plan, as well as a reduction in the company's acquisition debt supported by several sizable disposals completed in 2007 in line with the original expectations, Moody's said.

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