Baxter International Inc. -- Moody's downgrades Baxter's ratings to Baa2 from A3, stable outlook; comments on Baxalta's rating

New York, May 27, 2015 -- Moody's Investors Service downgraded Baxter International, Inc.'s senior unsecured ratings to Baa2 from A3, and confirmed its Prime-2 short-term rating. This follows disclosure of the company's planned capital structure and financial policies after the separation of its biopharmaceutical business into a new public entity, to be named Baxalta, Inc. Management expects to complete its spin-off by July 1. The rating outlook is stable. This concludes Moody's rating review that was initiated on March 26, 2015. At the same time, Moody's commented that Baxalta's senior unsecured rating is likely to be Baa2.

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