Fitch: Watson unchanged

Fitch Ratings said Watson Pharmaceuticals Inc.'s purchase of Specifar Pharmaceuticals SA for €400 million is consistent with the current rating rationale for the company.

Watson has a BBB issuer default rating, BBB senior convertible debentures and a BBB senior credit facility.

The outlook is stable.

The acquisition of Specifar broadens Watson's product offering while expanding its presence in overseas markets, in particular Greece, France, Germany and Poland, the agency said. Also, Specifar brings additional manufacturing capacity and a state-of-the-art production facility currently under construction.

The ratings recognize Watson's proven history of rapid debt reduction following leveraging acquisitions, which was most recently evident after the purchase of Arrow Group, the agency added.

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