Fitch Ratings Service raised its outlook on Botox maker Allergan Inc. Tuesday, citing unexpected revenue growth for the company.
Fitch changed its outlook to 'Positive' from 'Stable,' meaning it could raise its rating on Allergan's credit soon. For now the firm maintained its investment grade 'A-' rating, which applies to $1.51 billion in debt held by Allergan. It said it might issue an upgrade if Allergan does not go further into debt.
The Irvine, Calif., company said its revenue rose 2 percent in 2009. Fitch had expected a decrease in revenue and now expects revenue to grow in 2010 as well.
Allergan shares rose 28 cents to $64.70 in morning trading.