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Fitch rates Allergan notes BBB-
Fitch Ratings said it assigned a BBB- rating to Allergan Funding SCS's senior unsecured euro-denominated notes offering.
The outlook is stable.
The proceeds will be used to refinance recently redeemed debt and for general corporate purposes, the agency said.
Allergan plc is among the largest pharmaceutical companies in the world with a diversified, well-positioned product portfolio and a growing product pipeline, the agency said.
Excluding the potential near-term generic competition that will face Restasis, Fitch said it expects Allergan to generate low- to mid-single-digit organic sales growth, augmented by targeted acquisitions, over the ratings horizon.
The agency said it expects Allergan will remain an active acquirer, using steady free cash flow and cash balances to buy targeted growth-oriented assets.
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