New York, May 13, 2013 -- Moody's Investors Service commented on the announcement that Actavis, Inc. (Baa3 stable), formerly known as Watson Pharmaceuticals, Inc., is in early stage discussions with Warner Chilcott plc (B1 stable) regarding a possible combination of the two companies. For Actavis, the willingness to consider such a large-scale acquisition comes just six months after the $5.5 billion acquisition of Actavis Group hf, which significantly increased Actavis' financial leverage. That said, the company's rating and outlook remain unchanged until there is greater clarity on the likelihood and the terms of any transaction with Warner Chilcott. The ultimate credit impact would depend largely on how much of the acquisition price was funded with debt versus equity. Please go to www.moodys.com for our full issuer comment.

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