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| Moody's Upgrades Teva Rating to A3 | |||
| 14 Jan 2010
, Jerusalem, Israel
: Teva Pharmaceutical Industries Ltd. (NASDAQ: TEVA) announced today that Moody's Investor services has upgraded the Company's rating to A3 from Baa1. Following this most recent upgrade, the rating outlook is now stable. Teva is the first generics-focused pharmaceutical company to be rated in Moody's "A" category. In its statement, Moody's indicated that the upgrade of Teva reflects a favorable growth outlook, clearly articulated financial targets and the expectation that M&A can be financed with debt levels appropriate for the A3 rating. The A3 rating is supported by Teva's excellent global leadership position and its strong cash flow. "In our recent strategy update, we outlined our long term strategy to double revenues to $31 billion and reach net income of $6.8 billion by 2015," said Eyal Desheh, Teva's Chief Financial Officer. "Moody's upgrade reflects Teva's commitment to executing its growth strategy while maintaining a strong balance sheet." About Teva Teva Pharmaceutical Industries Ltd., headquartered in Israel, is among the top 20 pharmaceutical companies in the world and is the leading generic pharmaceutical company. The company develops, manufactures and markets generic and innovative pharmaceuticals and active pharmaceutical ingredients. Over 80 percent of Teva's sales are in North America and Western Europe. |
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