Mylan Inc. (Nasdaq: MYL) today reported that Moody's Investors Service upgraded the company's credit ratings, including the "Corporate Family Rating" to Ba3 from B1 and the senior secured bank rating to Ba2 from Ba3. Moody's also affirmed Mylan's SGL-1 Speculative Grade Liquidity Rating.
According to Moody's, "The upgrade of Mylan's ratings reflects good operating performance, steady debt reduction and the expectation that positive performance trends will continue. Mylan's Ba3 ratings reflect its solid No. 3 global industry position and its good prospects for growth in earnings and cash flow. Favorable prospects result from positive generic industry fundamentals as well as Mylan's ability to leverage its global footprint and strong pipeline."