Merck KGaA -- Moody's downgrades Merck KGaA's ratings to Baa1; negative outlook

Frankfurt am Main, December 12, 2014 -- Moody's Investors Service has today downgraded the long-term issuer and senior unsecured ratings of Merck KGaA (Merck) and its rated subsidiaries to Baa1 from A3. Concurrently, Moody's has assigned a definitive Baa3 rating to the EUR1.5 billion worth of junior subordinated notes issued by Merck following its review of the final documentation. Merck's and its rated subsidiary's P-2 short-term issuer and (P)P-2 ratings remain unchanged. The outlook on all ratings is negative. Today's rating action concludes the review initiated by Moody's on 23 September 2014.

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