Mylan Inc. -- Moody's: Mylan's Offer for Perrigo Credit Negative but Could be Investment Grade

New York, April 24, 2015 -- Moody's Investors Service commented that Mylan NV's (parent of Mylan Inc., Baa3 developing) formal offer to acquire Perrigo Company plc (Baa3 stable) would be credit negative for Mylan because it would raise leverage and integration risk. However, given the substantial equity component as currently proposed, the capital structure could support an investment grade rating, assuming Moody's believes that the integration risk is manageable and the company's deleveraging plan is realistic. Perrigo subsequently rejected the offer and therefore there is no change to Mylan's developing outlook or Perrigo's stable outlook. Please go to www.moodys.com for our full issuer comment.

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