Fitch affirms Allergan

Fitch Ratings said it affirmed Allergan Inc. issuer default ratings and outstanding debt ratings as follows: long-term issuer default rating at A-; senior unsecured debt at A-; bank loan at A-; short-term issuer default rating at F2; and commercial paper at F2.

Fitch said it has also revised Allergan' outlook to positive from stable.

The rating actions apply to about $1.51 billion of outstanding debt, the agency noted, adding that Allergan achieved revenue growth of 2.3% in 2009, showing some resiliency to the global recession despite 28% of the company's business relying on cash-paying customers.

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