S&P gives Mylan Laboratories loan BBB-

Standard & Poor's said it affirmed its BBB- corporate credit rating on Mylan Laboratories Inc.

At the same time, the agency said it assigned a BBB- rating to Mylan's proposed new $700 million senior unsecured revolving credit facility due 2011 and raised its senior unsecured debt rating on Mylan's existing senior unsecured notes to BBB- from BB+.

The rating actions reflect the new revolving credit facility's unsecured status, meaning that lenders will fare no better than other unsecured creditors in the event of payment default, the agency noted.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.