Moody's affirms Watson

Moody's Investors Service affirmed the Ba1 ratings on Watson Pharmaceuticals Inc.'s convertible contingent senior debentures and bank credit facility. Moody's also affirmed the ratings of Watson's existing Ba1 senior implied rating.

Moody's also revised the outlook to stable from positive.

Moody's affirmed Watson's $300 million guaranteed senior unsecured credit facilities due 2008, its $575 million convertible contingent senior debentures due 2023, its senior implied rating and its issuer rating at Ba1.

Moody's said the Ba1 ratings reflect Watson's strong position as a developer, manufacturer and marketer of branded and generic pharmaceutical products; the company's diverse portfolio of niche products that hold leading positions in various markets, its successful track record in integrating acquisitions, the benefit of its strategic alliances, its attractive product pipeline and recent debt reductions.

Moody's expects these facilities will be used primarily for temporary funding of modest acquisitions and liquidity needs.

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