S&P rates Mylan notes BBB-

S&P said it assigned a BBB- rating to Mylan NV's announced offering of euro-denominated floating rate senior notes.

The proceeds will be used to refinance debt, S&P said, and the transaction is expected to be leverage neutral.

The transaction does not affect the company's BBB- corporate credit and senior unsecured debt ratings and stable outlook, the agency said.

S&P said it continues to expect that Mylan will remain acquisitive over the next couple of years as it seeks smaller, tuck-in acquisitions to further supplement its specialty pharmaceutical portfolio and pipeline.

In the meantime, the agency said it believes Mylan will maintain solid margins and cash flows from its core generic drug business despite the increased pricing pressure in the sector, the agency said.

S&P said it projects Mylan's adjusted debt leverage will remain at less than 4x longer term, which is consistent with its investment-grade rating.

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