PITTSBURGH, May 23, 2012 /PRNewswire/ -- Mylan Inc. (Nasdaq: MYL) today reported that Moody's Investors Service ("Moody's") has upgraded the company's credit ratings, including the "Corporate Family Rating," to Ba1 from Ba2. Following this action, Moody's rating outlook is stable.
According to Moody's: "Mylan's Ba1 Corporate Family Rating reflects the company's strong position in the global generic pharmaceutical industry, its strong geographic diversification and its robust generic pipeline capabilities... Moody's believes 2012 will be a double digit growth year for Mylan, supported by a high number of branded drugs going generic and continued strength in the EpiPen® auto-injector franchise. Beyond 2012, Mylan's increasing operating leverage as a result of improving product mix and vertical integration should translate into higher EBITDA growth and stronger free cash flow."
Mylan's Chief Financial Officer John Sheehan commented: "We are pleased that Moody's has again recognized Mylan's significant capital structure achievements of the past two years, as a result of which Mylan today has a level future debt maturity schedule, a leverage ratio below 3.0 times, and ample liquidity to help fuel future growth. In its third upgrade of Mylan since 2010, Moody's has recognized many of Mylan's core strengths, such as our geographic diversification, the breadth of our product portfolio, our strong reputation for high product quality, and our leading position within the generics industry. Importantly, Moody's also has recognized Mylan's potential for continued strong top and bottom-line growth."
This press release includes statements that constitute "forward-looking statements," including with regard to the company's anticipated growth. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
|SOURCE Mylan Inc.|
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