Deals
Takeda Debt Rating Cut by Moody's on $62 Billion Shire Deal
- Moody’s calls scale of Shire transaction ‘extraordinary’
- Rating reduced one notch to A2, under review for further cut
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Takeda Pharmaceutical Co.’s credit rating was downgraded by Moody’s Investors Service one day after the Japanese drugmaker said it had reached a deal to buy larger rival Shire Plc for about $62 billion.
Takeda’s debt rating was cut to A2 from A1 on Wednesday, bringing it down one notch to the sixth-highest investment-grade level. The new rating is under review for further downgrades, Moody’s said in a statement, calling the scale of the Shire transaction “extraordinary.”