11.05.2016 20:32:00
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Allergan Plc -- Moody's: Allergan's Share Repurchase Announcement is Credit Negative
New York, May 11, 2016 -- Moody's Investors Service commented that Allergan plc's announcement that its board of directors had authorized a new share repurchase program of up to $10 billion is credit negative. The deployment of a significant amount of capital to shareholders will reduce the amount of cash available for more credit friendly actions like debt repayment and tuck-in acquisitions. There is no change to Allergan's subsidiary debt ratings of Baa3 or its stable outlook.