Teva gets bond upgrade

Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) today obtained a bond rating upgrade from Moody's from Baa2 to Baa1 with a "Positive" outlook for bond series totaling $4.7 billion, after repaying the bridge loan taken to finance the acquisition of Barr.

Moody's cited the reduction in Teva's financial leverage and its strong operating performance. "Another upgrade is possible in 12-18 months, if the strong performance continues and the growth targets remain achievable without acquisitions financed by aggressive leverage," said Moody's.

Teva's share fell 1% in early trading on Nasdaq today to $50.97. Eralier today, the company's share price rose 0.1% on the TASE to NIS 189.80.

Published by Globes [online], Israel business news - www.globes-online.com - on October 15, 2009

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