Moody's: Allergan notes A3

Moody's Investors Service said it assigned a rating of A3 to the new senior unsecured note offering of Allergan, Inc.

The outlook is stable.

The proceeds will be used for general corporate purposes.

The rating reflects the company's strong niche market positions, consistent operating performance and good product pipeline, Moody's said.

Despite new entrants, Allergan's flagship Botox franchise will remain strong and growing, supported by new indications in both therapeutic and cosmetic uses, the agency said.

The rating also considers Allergan's more limited exposure to near-term generic competition and health care reform costs relative to other pharmaceutical companies, Moody's said.

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