Moody's Japan K.K. has added the details for the rated senior unsecured notes to be issued by Takeda Pharmaceutical Company Limited (Baa2 long-term issuer rating, stable). On 25 June 2020, Moody's had assigned a Baa2 senior unsecured rating to the proposed notes.
Moody's Japan K.K. has affirmed the Baa2 long-term issuer and senior unsecured ratings of Takeda Pharmaceutical Company Limited (Takeda) and its subsidiaries, and assigned (P)Baa2 foreign currency senior unsecured rating to shelf registration of Takeda and Baa2 ratings to its proposed senior unsecured notes. "The affirmation of Takeda's Baa2 ratings reflects its being on track to deleveraging as expected following its transformative Shire acquisition," says Yukiko Asanuma, a Moody's Analyst. In the year and a half following the JPY6 trillion acquisition of Shire plc, Takeda increased sales of its key drugs and divested non-core assets, and has used free cash flow to pay down JPY657 billion of debt, which is down 11% from just following the acquisition in fiscal 2018 ended March 2019.