New York, November 17, 2016 -- Moody's Investors Service (Moody's) today upgraded ConvaTec's Corporate Family Rating (CFR) to Ba3 and its Probability of Default Rating (PDR) to Ba3-PD. There are no changes to the Ba3 instrument ratings Moody's assigned on October 3, 2016 to ConvaTec's new senior secured credit facilities, including its $1.37 billion term loan A, its $430 million term loan B, and its $200 million revolver. All other ratings have been withdrawn. Lastly, Moody's assigned a Speculative Grade Liquidity Rating of SGL-1 to ConvaTec. This concludes Moody's review of ConvaTec's ratings. The outlook on all ratings is stable.

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