Moody's upgrades Amneal

Moody's Investors Service said it upgraded Amneal Pharmaceuticals, LLC’s ratings, including the corporate family rating to B2 from B3, the probability of default rating to B2-PD from B3-PD and the senior secured term loan to B2 from B3. Moody's also upgraded the speculative grade liquidity rating to SGL-1 from SGL-2.

“The ratings upgrade reflects Amneal's growing earnings which Moody's believes can be sustained with its branded portfolio and a parade of new product launches over the next few years. Amneal has a pipeline comprised of a mix of small and medium-sized opportunities, of mostly complex drugs that have the potential to have fewer competitors than commodity generics,” the agency said in a press release.

The agency said it forecasts Amneal's debt/EBITDA to decline to below 6x by the end of 2021, improving its financial flexibility.

The outlook remains stable.

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