Moody's boosts Mylan

Moody's Investors Service said it upgraded Mylan Inc.'s corporate family rating to Ba3 from B1, probability of default rating to Ba3 from B1, along with its senior secured bank rating to Ba2 from Ba3, including its senior secured revolving credit facility of $750 million due 2013 to Ba2 (LGD3, 37%) from Ba3 (LGD3, 36%), senior secured term loan A due 2013 to Ba2 (LGD3, 37%) from Ba3 (LGD3, 36%) and senior secured term loan B due 2014 to Ba2 (LGD3, 37%) from Ba3 (LGD3, 36%). Moody's also said it affirmed its speculative grade liquidity rating at SGL-1.

The upgrade reflects good operating performance, steady debt reduction and the expectation that positive performance trends will continue, Moody's said.

As a generics-focused pharmaceutical company, Mylan enjoys good growth prospects based on a robust global pipeline and the benefits of vertical integration and cost synergies, the agency said.

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