S&P Lowers Baxter (BAX) to 'A-'; Places on CreditWatch Negative
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Moody's Lowers Outlook on Baxter (BAX) to Negative Following Split Plans
March 27, 2014 12:15 PM EDTMoody's Investors Service changed Baxter International Inc's (NYSE: BAX) rating outlook to negative from stable following the company's announcement that it plans to pursue a separation of its bioscience business into an independent public company. At the same time, Moody's affirmed Baxter's A3 and Prime-2 ratings.
Ratings affirmed:
Baxter International, Inc.
A3 senior unsecured notes
(P)A3 senior unsecured shelf
Prime-2 short term rating
RATINGS RATIONALE
The change to a negative outlook reflects Moody's belief that Baxter's separation of its bioscience... More
Baxter (BAX) Plans Split into Two, Separate, Publicly-Traded Companies
March 27, 2014 7:31 AM EDTBaxter International, Inc. (NYSE: BAX) announced plans to create two separate, independent global healthcare companies -- one focused on developing and marketing innovative biopharmaceuticals and the other on life-saving medical products. Both will be global leaders in their respective markets.
Baxter has positioned both businesses to be successful, profitable and sustainable independent companies, and this decision reflects further evolution of Baxters multi-faceted strategies emphasizing a commitment to innovation and operational excellence. To date, this has led to the development of a robust pipeline of novel and cost-effective therapies and numerous in-licensing collaborations within... More
