Moody’s ups Amneal SGL, changes view

Moody's Investors Service said it affirmed Amneal Pharmaceuticals, LLC's ratings, including the B1 corporate family rating, B1-PD probability of default rating and B1 rating on its senior secured term loan.

The agency raised the speculative grade liquidity rating to SGL-1 from SGL-2.

At the same time, Moody's revised the outlook to stable from positive.

“The outlook revision to stable reflects Moody's view that debt/EBITDA will remain moderately high and is unlikely to fall below 4 times over the next 12-18 months,” Moody's vice president Morris Borenstein, said in a news release.

The agency said the SGL-1 signifies an expectation that Amneal will maintain very good liquidity over the next 12 months supported by cash balances exceeding $200 million and access to a $500 million asset-based revolving credit facility.

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