Standard & Poor's affirms Mylan rating |
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Published
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Tue, 20 Feb 2007 22:30
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NEW YORK (AP) - Standard & Poor's Ratings Services affirmed its rating on drugmaker Mylan Laboratories Inc. on Tuesday and assigned a rating on the company's new debt.The ratings agency assigned a 'BBB-' rating on Mylan's $450 million senior unsecured term loan due 2012 and $400 million convertible senior notes due 2012. S&P also reiterated its 'BBB-' rating on Mylan's senior unsecured revolver due 2011.'BBB-' is the agency's lowest investment-grade rating.Credit analyst Arthur Wong attributed the ratings to Mylan's 12-percent share of all generic prescriptions filled in the expanding U.S. market, even though the company is reliant on a generic version of Johnson & Johnson's Duragesic pain patch that accounts for 16 percent of revenue.Mylan recently acquired 71 percent of India-based generic drug maker Matrix Laboratories for a little over $700 million.Shares of Mylan fell 35 cents to close at $21.70 on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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