S&P rates Mylan shelf

Standard & Poor's said it assigned a BB- preliminary senior unsecured rating, B+ preliminary subordinated rating and B preliminary preferred stock rating to Mylan Inc.'s well-known seasoned issuer shelf registration.

The agency expects Mylan to use future drawings under the new shelf to meet general corporate purposes including refinancing medium-term maturities.

The ratings reflect Mylan's still-significant debt burden incurred to fund the acquisition of Merck KGaA's largely European generic drug business and more than $3.1 billion in debt maturities through 2014, S&P said.

Mylan's position as the third-largest company in the growing generics market, where size and geographic reach are increasingly important competitive factors, partly offsets those factors, in the agency's view.

The debt-to-EBITDA ratio was 4 times as of March 31.

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