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Fitch affirms Allergan's issuer default rating

Fitch Ratings affirmed the BBB- issuer default rating of Allergan plc.

The rating agency also affirmed and withdrew the BBB- issuer default ratings of Allergan's units Warner Chilcott Ltd. and Allergan Finance LLC as they are no longer considered by Fitch to be relevant to its coverage.

The outlook on the ratings is stable.

Fitch said the rating reflects the smaller and less diversified nature of Allergan's operating profile relative to larger innovative pharmaceutical industry peers Pfizer Inc. and Merck & Co. Inc. This is particularly evident regarding scale, breadth, depth and patent risk.