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Moody's and Standard & Poor's Upgrade Mylan to Investment Grade Credit Ratings
Date:11/20/2012

PITTSBURGH, Nov. 20, 2012 /PRNewswire/ -- Mylan Inc. (Nasdaq: MYL) today reported that Moody's Investors Service ("Moody's") has upgraded the company's credit ratings to Baa3 from Ba1 and that Standard & Poor's Ratings Services ("S&P") has upgraded the company's credit ratings to BBB- from BB+. 

Mylan also announced today that its Board of Directors has approved the repurchase of up to $500 million of the company's common stock in the open market or through other methods.

According to Moody's: "Mylan's Baa3 senior unsecured rating reflects its strong global position in generic pharmaceuticals, its robust growth outlook and the expectation that financial policies will be consistent with an investment-grade rating. Mylan has articulated a financial policy in which it does not expect leverage to exceed the covenant limits in its credit facility (currently 4.25 times) and in which deleveraging to 3.0 times would be accomplished within 18 months of acquisitions which resulted in a leverage increase. The rating also reflects Mylan's strong geographic diversification and its robust generic pipeline capabilities. Further, the rating is supported by favorable industry fundamentals based on the large number of branded pharmaceutical products facing patent expirations in the coming years as well as global demographic factors driving drug utilization."

According to S&P: "With a large global footprint and a full generic drug pipeline, Mylan is also well positioned to capitalize on the opportunities in the global generic space over the next three years... A broad product portfolio lessens the risk that any one product setback could significantly affect operations...  [W]e believe that the company has the capacity to make a richly valued $4 billion acquisition within the context of the current rating."

Mylan's Chief Financial Officer John Sheehan
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SOURCE Mylan Inc.
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