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S&P: CareFusion notes BBB
Standard & Poor's said it assigned a preliminary BBB rating to CareFusion Corp.'s shelf registration, along with a BBB rating to the company's intended drawdown of $1 billion senior unsecured notes, which will be issued in multiple tranches.
The proceeds will be used to repay $450 million of 5.125% senior unsecured notes and for general corporate purposes.
The ratings are based on the company's satisfactory business risk and minimal financial risk profiles, S&P said, which is tempered by a one-notch downward comparable rating adjustment and one-notch downward negative financial policy adjustment.
The company has moderate product diversity, the agency said, and holds leading market positions in infusion and dispensing-product categories.
It does have lesser geographic diversity and lower profitability relative to medical-device company peers, S&P said.
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