PITTSBURGH, March 10, 2011 /PRNewswire/ -- Mylan Inc. (Nasdaq: MYL) today reported that Standard & Poor's Ratings Services ("S&P") upgraded the company's corporate credit ratings to 'BB+' from 'BB.' S&P also upgraded Mylan's senior secured rating to 'BBB' from 'BBB-' and raised the company's senior unsecured rating to 'BB' from 'BB-'. Additionally, S&P affirmed its recovery ratings on Mylan's senior secured credit facility and senior unsecured debt as '1' and '5' respectively. S&P stated that its outlook on the company remains stable.
According to S&P: "Mylan Inc. has used ample cash flow to accelerate deleveraging, exceeding our expectations… Mylan continues to realize benefits from the vertical integration with Matrix and additional products from Bioniche Pharma Group. With a large global footprint and a full generic drug pipeline, the company is also well positioned to capitalize on the opportunities in the global generic space over the next three years."
Mylan's Chief Financial Officer John Sheehan commented: "We are very pleased that S&P, through its ratings upgrades, has recognized Mylan for the significant actions we have taken to strengthen our balance sheet, including extending the maturity profile of our borrowings and de-levering through strong earnings, cash-flow generation and the prepayment of debt. This positive upgrade reflects Mylan's consistent execution against our financial and operational targets over the last several years, including our strong performance in 2010, and recognizes our commitment to ongoing strong top- and bottom-line 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.