New York, January 11, 2016 -- On 11 January 2016, Shire plc announced that it planned to acquire Baxalta Inc. (Baa2 ratings on review for downgrade) for $37 billion in cash and stock (including Baxalta debt). Moody's views this as credit positive for Baxter International (Baa2 stable) since the value of Baxter's stake in Baxalta will increase, which will aid deleveraging. At this time, however, this development has no effect on Baxter's ratings or outlook. For additional information, please refer to Moody's Issuer Comment on Baxter International on www.moodys.com.

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