Moody's: Levin resignation "credit negative" for Teva

Indicators point to strong investor confidence in Israel

International rating agency Moody's has nevertheless left the company's credit rating unchanged.

Rating agency Moody's has expressed concern at the resignation of Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) CEO Jeremy Levin, but left the company's rating unchanged. In a statement, Moody's said of the resignation, "The announcement is credit negative because it creates the potential for diversion from the clearly articulated business strategy closely crafted by Dr. Levin (and the Board) since he joined the company in May 2012. There is no change to the company's A3 rating or the negative outlook."

Published by Globes [online], Israel business news - www.globes-online.com - on October 31, 2013