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TEXT - S&P rates Mylan Inc senior unsecured notes
December 12, 2012 / 6:01 PM / 5 years ago

TEXT - S&P rates Mylan Inc senior unsecured notes

Dec 12 - Standard & Poor's said today that its ratings on Canonsburg,
Pa.-based Mylan Inc. are not affected by a recently announced $750
million share repurchase program or bond offering.

At the same time, we assigned the proposed $750 million senior unsecured notes 
due 2023 our 'BBB-' (the same as the corporate credit rating) issue-level 
rating, in line with the company's other senior debt. Our recent upgrade of 
the on Mylan incorporated potential transactions such as this one.

Mylan's "satisfactory" business risk profile is highlighted by its position as 
the world's third largest generic drug company, with sales of $6.6 billion for 
the 12 months ended Sept. 30, 2012. In our view, size and geographic reach are 
increasingly important factors in a competitive field, and we expect Mylan to 
continue as an industry consolidator. Standard & Poor's Ratings Services also 
assumes that leverage measures will remain in line with the guidelines for an 
"intermediate" financial risk profile. We expect debt to EBITDA of less than 
3x through 2013, and our stable outlook on Mylan incorporates the expectation 
that acquisitions and share repurchases will be conducted with the intention 
that the capital structure will not stray far or long from a 3x leverage 

     -- Business Risk/Financial Risk Matrix Expanded, Sept. 18, 2012
     -- Liquidity Descriptors For Global Corporate Issuers, Sept. 28, 2011
     -- 2008 Corporate Criteria: Analytical Methodology, April 15, 2008
     -- 2008 Corporate Criteria: Rating Each Issue, April 15, 2008
     -- 2008 Corporate Criteria: Ratios And Adjustments, April 15, 2008

Ratings Unchanged

Mylan Inc.
 Corporate Credit Rating                   BBB-/Stable/--

New Ratings

Mylan Inc.
 $750M senior unsecured notes due 2023     BBB-

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