PITTSBURGH Generic drug maker Mylan got an upgrade in its credit rating from Moody’s Investors Service, the company announced Friday.
Mylan said the bond-rating agency upgraded its credit rating from B1 to Ba3 and upgraded its senior secured bank rating from Ba3 to Ba2.
“The upgrade of Mylan’s ratings reflects good operating performance, steady debt reduction and the expectation that positive performance trends will continue,” Moody’s said. “Mylan’s Ba3 ratings reflect its solid No. 3 global industry position and its good prospects for growth in earnings and cash flow.”
The upgrade is the second time a major generic drug company has seen its rating go up this year. In January, Israeli generic drug maker Teva Pharmaceutical Industries became the first generic drug maker to get an “A” rating from Moody’s.