Moody's Upgrades Mylan
PITTSBURGH, March 5 /PRNewswire-FirstCall/ -- 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."
Mylan Inc. ranks among the leading generic and specialty pharmaceutical companies in the world and provides products to customers in more than 140 countries and territories. The company maintains one of the industry's broadest and highest quality product portfolios supported by a robust product pipeline; operates one of the world's largest active pharmaceutical ingredient manufacturers; and runs a specialty business focused on respiratory, allergy and psychiatric therapies. For more information, please visit www.mylan.com.
This press release includes statements that constitute "forward-looking statements," including with regard to the company's anticipated growth. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Because such statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: the impacts of competition; changes in economic and financial conditions of the company's business; uncertainties and matters beyond the control of management; and the other risks detailed in the company's filings with the Securities and Exchange Commission. The company undertakes no obligation to update these statements for revisions or changes after the date of this release.
SOURCE Mylan Inc.