Fitch gives Elanco negative view

Fitch Ratings said it affirmed the issuer default ratings of Elanco Animal Health Inc. and Elanco US Inc. at BB+.

Fitch also assigned final BBB- ratings to the company's senior secured debt priced in the first quarter and affirmed its existing senior unsecured debt at BB+ ahead of the anticipated closing of the Bayer transaction.

The ratings were removed rating watch negative and assigned a negative outlook.

The agency said the affirmation reflects a view that the Bayer transaction bolsters Elanco's already strong competitive position with no material change to the issuer's medium-to-long term credit profile.

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