Mylan (MYL) Ratings Affirmed by Fitch Amid Meda Deal; Outlook Remains Stable
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S&P Affirms Ratings on Mylan (MYL) Following Meda AB Acquisition Announcement
February 12, 2016 8:10 AM ESTStandard & Poor's Ratings Services said it affirmed its 'BBB-' corporate credit rating and all existing issue-level ratings on Mylan N.V. (Nasdaq: MYL). The outlook is stable.
Mylan has announced it is acquiring Sweden-based pharmaceutical maker Meda AB for $9.9 billion, which includes the debt at Meda. The acquisition adds more than $2 billion in annual sales of generic, branded, and over-the-counter drugs to Mylan, strengthens its European franchise, and expands Mylan into a several new territories.
"Although the transaction, funded with... More
Moody's Affirms Ratings of Mylan (MYL) Amid Meda Acquisition Deal
February 11, 2016 12:44 PM ESTMoody's Investors Service affirmed the Baa3 senior unsecured ratings of Mylan N.V. and Mylan Inc (Nasdaq: MYL). This follows the announcement that Mylan has made an offer to acquire Meda AB for $9.9 billion in cash and stock. The outlook is stable.
"The acquisition of Meda will meaningfully increase Mylan's leverage -- to around 4.0x debt/EBITDA from around 2.5x." Said Moody's Senior Vice President, Jessica Gladstone. "However, there was substantial cushion built in to Mylan's Baa3 rating as we had anticipated that the company would continue to pursue large acquisitions... More
