Fitch assigns BBB- to Actavis bond

Fitch Ratings said it assigned a BBB- rating to the unsecured bond offering of Actavis Funding SCS, a wholly owned subsidiary of Actavis plc.

The outlook is stable.

Proceeds are expected to be used as a funding component of the roughly $66 billion acquisition of Allergan, Inc. The offering comprises bonds of a variety of durations, commensurate with management's commitment to direct cash flows toward debt repayment over the next couple of years.

Fitch said it views the combination of Actavis and Allergan as strategically compelling. The resulting firm will be among the largest pharmaceutical firms in the world, with a differentiated business model that combines a strong generics business with a well diversified, durable and growing specialty drug business, the agency said.

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