Fitch affirms Watson

Fitch Ratings said it affirmed Watson Pharmaceuticals Inc.'s ratings as follows: issuer default rating at BBB-, senior unsecured debt at BBB- and bank loan debt at BBB-.

The outlook is stable.

The agency said that Watson's ratings are supported by the reduction of incremental debt during the year that was required to complete the acquisition of the Andrx Group in November 2006.

The company prepaid $250 million of the $650 million of 5-year term loan borrowings in the first six months of the year, reducing leverage a level more appropriate for the rating category, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.