PITTSBURGH, March 11, 2011 /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 Ba2 from Ba3 (positive outlook). Following this action, Moody's rating outlook is stable.
According to Moody's: "Moody's upgrade of Mylan reflects improving earnings trends accomplished through new product launches, a strong global generics footprint, and good vertical integration… Mylan's Ba2 Corporate Family Rating continues to reflect good size and scale as the #3 player in the global generics pharmaceutical industry, a solid global generic drug pipeline, and revenue diversity from the specialty branded segment."
Mylan's Chief Financial Officer John Sheehan commented: "Moody's upgrade of Mylan's credit ratings follows a similar positive upgrade by S&P yesterday. We are gratified that independent third parties such as these ratings agencies recognize the strength of Mylan's diversified business and favorable position within the generics industry, as well as the company's continued potential for growth."
Mylan Inc. ranks among the leading generic and specialty pharmaceutical companies in the world and provides products to customers in more than 150 countries and territories. The company maintains one of the industry's broadest and highest quality product portfolios supported by a robust product pipeline; operates one of the world's largest active pharmaceutical ingredient manufacturers; and runs a specialty business focused on respiratory, allergy and psychiatric therapies. For more information about Mylan, please visit www.mylan.com.
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