Moody's rates Mylan notes Baa3, cuts loans to Baa3

Moody's Investors Service said it assigned a Baa3 rating to the new senior unsecured note issuance of Mylan Inc. and affirmed the Baa3 rating on Mylan's existing senior unsecured notes.

At the same time, Moody's lowered the rating on Mylan's term loan and revolving credit agreement to Baa3 from Baa2 due to collateral release, as envisioned in Moody's prior rating action on Nov. 20.

The outlook remains stable.

Moody's said the lowering of the loans reflects the collateral release requested by Mylan following the upgrade of the company's ratings to investment grade.

The new notes, existing notes and credit agreement are guaranteed by the same entities, primarily Mylan's domestic subsidiaries, and are pari passu.

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