S&P assigns Mylan convertibles B+

Standard &Poor's ratings Services assigned its B+ senior unsecured debt rating to Mylan Inc.'s $400 million senior unsecured convertible notes due 2015.

The agency said that the issue was assigned a five recovery rating indicating the expectation for modest recovery in the event of a payment default.

At the same time, S&P said it affirmed all of its other ratings on Mylan.

The outlook remains stable.

The agency noted that the ratings on Mylan reflect the company's highly leveraged financial risk profile and management's challenges in integrating and running a much larger, internationally diverse company after its acquisition of the Merck generics business.

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