Moody's assigns Baa2 to Sandoz notes

Moody's Investors Service said it assigned a Baa2 rating to the planned backed senior unsecured notes to be issued by Sandoz Finance BV and guaranteed by Sandoz Group AG. The offering is expected to total about €1.5 billion to €2 billion and comprises three tranches of different long-term maturities.

The rating is the same as Moody’s ratings on Sandoz’s outstanding senior unsecured notes.

The proceeds and the proceeds of its recent CHF 750 million of notes will be used to repay debt, including the $2.6 billion bridge facility established at the time of the spinoff from Novartis AG.

The outlook is stable.

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