S&P changes Allergan to stable

S&P said it affirmed its BBB long-term corporate credit rating on Allergan plc and revised the outlook to stable from positive.

At the same time, the agency affirmed all issue-level ratings.

S&P said the revised outlook reflects an expectation that Allergan will maintain leverage between 3x-4x over the next two years.

Allergan recently reported solid 2017 earnings with adjusted leverage below 4x, but the company also expects that $3 billion in sales will lose exclusivity over the next year, resulting in 2018 revenue declines, the agency explained.

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