S&P rates Mylan notes BB+, loan BBB-

Standard & Poor's said it assigned its BBB- bank loan rating and a 3 recovery rating to generic drug maker Mylan Laboratories Inc.'s $475 million senior secured credit facility. At the same time, S&P assigned its BB+ rating to Mylan's $500 million senior unsecured notes due 2015.

The company is using the proceeds from the debt offering, along with on-hand cash, to fund a $1.25 billion share repurchase program.

Existing ratings on Mylan, including the BBB- corporate credit rating, were affirmed. The outlook is stable.

S&P said the ratings are based on Mylan's solid position in the growing generic drug industry, the promising prospects associated with nebivolol, and a moderate financial risk profile. These factors are partially mitigated by the increasing challenges facing the already highly competitive generic drug industry.

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