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Mylan credit rating raised by agencies

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MYL $26.03 +$0.09

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Tuesday, Nov. 20, 2012, 11:00 a.m.

Moody's and Standard & Poor's upgraded Mylan Inc.'s credit rating to investment grade on Tuesday, up from junk status.

The two rating agencies cited the generic drugmaker's strong operating results and financial flexibility in their upgrades.

Also Tuesday, Cecil-based Mylan announced a $500 million buyback of its common stock.

“We are pleased that Moody's and S&P have each continued to recognize Mylan's long-standing commitment to financial discipline and a strong capital structure,” Chief Financial Officer John Sheehan said.

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