Deals
Takeda Downgraded by Moody's on Lofty Debt After Shire Deal
Pedestrians walk past the Takeda Pharmaceutical Co. global headquarters, center, in Tokyo.
Photographer: Kiyoshi Ota/BloombergThis article is for subscribers only.
Takeda Pharmaceutical Co.’s credit rating was cut by Moody’s Investors Service, which cited the drugmakers’ ballooning debt level following its $62 billion acquisition of Shire Plc.
Moody’s cut Takeda’s credit rating three notches to Baa2 from A2, according to a statement Monday. That’s still investment grade, and Moody’s said the outlook is stable based on expectations that Takeda will reduce its leverage through cost synergies and growth from key products.