Cardinal Health affirmed by Moody's; placed on negative watch by Fitch |
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Published
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Tue, 15 May 2007 06:51
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MUMBAI (Thomson Financial) - Moody's Investors Service has affirmed the ratings for medical products and services company Cardinal Health Inc, which plans to acquire medical technology firm Viasys Healthcare Inc for 1.5 bln usd.The ratings agency has a senior debt rating of 'Baa2' and a short-term debt rating of 'Prime-2'on the company with a stable outlook.Moody's said the affirmation reflects the benefit that Viasys brings to Cardinal's position, including a more diversified portfolio.Meanwhile, Fitch Ratings placed the firm's 'BBB+' issuer default rating on negative watch, citing a material increase in the company's debt-to-EBITDA, and said it will resolve the watch status as the credit impact of the transaction becomes clearer.Fitch also said it believes the transaction is strategically sound, given Cardinal's manufacturing experience with medical products and a similar customer base among the two firms.TFN.newsdesk@thomson.comran/manCOPYRIGHTCopyright 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.
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