Fitch upgrades Allergan

Fitch Ratings said it upgraded Allergan Inc.'s long-term issuer default rating, senior unsecured debt and bank loan to A+ from A. The short-term issuer default rating was affirmed at F1.

The outlook is stable.

Allergan generated attractive revenue growth for the second consecutive year, but macroeconomic headwinds still plague the industry and place demand pressure on the company's cash-pay businesses, the agency said.

The company's gross debt and adjusted debt leverage eased somewhat to 0.9 times and 1.2x, respectively, at the end of 2011 from 1.0x and 1.2x in 2010, Fitch said.

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