Moody's Raised Mylan (MYL) Back to Investment Grade
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Moody's Investors Service upgraded Mylan Inc. (NYSE: MYL) to investment grade, including the senior unsecured rating to Baa3 from Ba2. At the same time, Moody's affirmed Mylan's Baa2 senior secured bank rating. The upgrade results in a withdrawal of the Ba1 Corporate Family Rating, Ba1 Probability of Default rating and SGL-2 Speculative Grade Liquidity Rating as these measures are applicable only for non-investment grade companies.
Ratings upgraded:
Senior secured notes to Baa3 from Ba2 (LGD 5, 74%) (LGD point estimates withdrawn)
Ratings affirmed:
Baa2 senior secured revolving credit facility (LGD point estimates withdrawn)
Baa2 senior secured term loans (LGD point estimates withdrawn)
Ratings withdrawn:
Ba1 Corporate Family Rating
Ba1 Probability of Default Rating
SGL-2 Speculative Grade Liquidity Rating
The upgrade reflects Moody's expectation that Mylan will maintain a capital structure that supports an investment grade rating, and that strong operating results will result in rising EBITDA and cash flow in the coming years.
"Mylan's publicly-articulated 3.0-times debt/EBITDA target supports an investment grade rating when considered in tandem with its strong global position and good growth outlook," stated Michael Levesque, Moody's Senior Vice President.
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Ratings upgraded:
Senior secured notes to Baa3 from Ba2 (LGD 5, 74%) (LGD point estimates withdrawn)
Ratings affirmed:
Baa2 senior secured revolving credit facility (LGD point estimates withdrawn)
Baa2 senior secured term loans (LGD point estimates withdrawn)
Ratings withdrawn:
Ba1 Corporate Family Rating
Ba1 Probability of Default Rating
SGL-2 Speculative Grade Liquidity Rating
The upgrade reflects Moody's expectation that Mylan will maintain a capital structure that supports an investment grade rating, and that strong operating results will result in rising EBITDA and cash flow in the coming years.
"Mylan's publicly-articulated 3.0-times debt/EBITDA target supports an investment grade rating when considered in tandem with its strong global position and good growth outlook," stated Michael Levesque, Moody's Senior Vice President.
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