Schering-Plough ratings on CreditWatch negative after Organon buy news - S&P |
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Published
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Mon, 12 Mar 2007 20:29
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LONDON (AFX) - Standard & Poor's Ratings Services said it has placed its ratings on Schering-Plough Corp on CreditWatch with negative implications, following the announcement it is planning to acquire Organon BioSciences from Akzo Nobel for 11 bln eur.S&P said the acquisition will add a 'significant' amount of debt, and Schering-Plough's financial profile will be inconsistent with the current ratings.However, S&P expects that the company will likely fund the acquisition with a significant component of equity and work to quickly restore its financial profile.'Considering the strength of Schering-Plough's business profile, we believe that the corporate credit rating has the potential to remain at the investment-grade level,' said S&P credit analyst Arthur Wong.newsdesk@afxnews.comcmlCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Schering-Plough CEO says Organon buy financed with cash, equity, debt UPDATE 