Moody's rates Allergan notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to the new euro-denominated senior unsecured notes issued by Allergan Funding SCS, an indirect subsidiary of Allergan plc.

There are no changes to the existing ratings of entities in the Allergan family, including the Baa3 ratings on senior unsecured notes at Allergan Funding, Allergan Finance, LLC, Allergan Sales, LLC and Allergan, Inc.

The outlook is stable.

The ratings reflect the group's significant scale and good diversity by therapeutic area and product, Moody's said.

Allergan has a solid pipeline that contributes to a favorable long-term growth outlook, the agency said.

Moody's said it anticipates continuation of strong free cash flow resulting from high profit margins, an efficient tax structure and modest capital expenditures.

The ratings are constrained by moderately high financial leverage, aggressive acquisition appetite and exposure to various patent expirations and challenges, the agency said.

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