New York, October 01, 2015 -- Yesterday, Baxter International Inc. announced that it entered into a "support agreement" with Third Point, LLC, an activist investor. Concurrently, Third Point raised its stake in Baxter from about 7% to about 9.9%. Moody's Investors Service said that this agreement avoids the potential for a proxy contest in 2016, and its ultimate effects on the company's strategic direction are unknown. Yet on balance, it is credit negative because it raises event risk for creditors. At this time, however, it has no effect on Baxter's Baa2 senior unsecured rating or stable outlook. For additional information, please refer to Moody's Issuer Comment on Baxter on www.moodys.com.
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