Moody’s affirms Mylan

Moody's Investors Service said it affirmed the Baa3 senior unsecured ratings of Mylan NV and Mylan Inc. following the announcement that Mylan 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," Moody's senior vice president Jessica Gladstone said in a news release.

"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 following the failed bid for Perrigo Company plc (Baa3 stable) in late 2015."

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