Mar 5 2010
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."
Mylan Chairman and CEO Robert J. Coury commented: "We are very pleased that Moody's has upgraded our credit rating and that they continue to maintain their positive outlook recognizing our commitment to meeting our stated objectives. This is the third such positive action from an independent ratings agency within the last year. Such positive momentum is a clear indication of Mylan's continued impeccable execution from operations as well as our ability to generate strong operating cash flows throughout the last year. We are deeply gratified that independent third parties continue to recognize our strong performance and continued growth potential."