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.
Forward Looking Statements
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. Because such statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: the impacts of competition; changes in economic and financial conditions of the company's business; uncertainties and matters beyond the control of management; and the other risks detailed in the company's filings with the Securities and Exchange Commission.
SOURCE Mylan Inc.