Moody’s applies Baa3 to Mylan notes

Moody's Investors Service said it assigned a Baa3 rating to the new senior unsecured notes issuances of Mylan Inc., a subsidiary of Mylan NV.

Proceeds will be used to refinance notes maturing in 2018 and 2019.

The notes will be guaranteed by the ultimate holding company, Mylan NV, and Mylan Inc. also guarantees the notes of Mylan NV, making them pari passu with existing unsecured obligations of Mylan NV.

There are no changes to the existing ratings of Mylan or Mylan Inc.

The outlook is stable.

Moody’s said the Baa3 rating is supported by the company's large scale with about $12 billion of annual revenue and its strong global position in generic pharmaceuticals.

The Baarating3 is also supported by the company's good geographic and product diversity and strong pipeline of new products that will drive growth over the longer-term, the agency added.

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