Irvine-based drug maker Allergan Inc. today had its short-term credit ratings raised by Standard & Poor’s Inc.
S&P said it raised its ratings on Allergan based on the maker of Botox and other drugs’ “exceptional liquidity,” among other things. The ratings agency said that Allergan’s cash balance of $2.46 billion provides a cushion against ongoing legal challenges and government investigations, including recent controversy over its Lap-Band weight-loss device.
The agency raised Allergan’s short-term rating to “A-1+” from “A-1,” both of which are investment-grade. S&P also affirmed its “A+” long-term corporate credit rating on Allergan.