Fitch affirms Watson

Fitch has affirmed Watson Pharmaceuticals, Inc.'s ratings as follows: issuer default rating at BBB-; senior unsecured debt at BBB-; and bank loan debt at BBB-.

The outlook is stable.

The agency said that Watson's ratings reflect the company's declining debt levels, new product opportunities and favorable resolution of the Davie, Fla., regulatory situation, offset by an increasingly competitive industry environment and expected declines in the key product, Ferrlecit.

Watson's credit metrics have improved over the past year, Fitch noted, adding that at June 30, Watson had about $827 million in debt outstanding, a decline from Dec. 31, 2007, when $906 million was outstanding and Dec. 31, 2006, when debt totaled $1.23 billion.

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