Fitch affirms Express Scripts

Fitch Ratings said it affirmed Express Scripts' BBB issuer default, senior bank credit facility and senior notes ratings.

The outlook is stable.

The rating action is supported by the significant progress Express has made in integrating the December 2009 acquisition of NextRx, as well as the concomitant de-leveraging that the company has achieved, Fitch said.

The ratings reflect Express' strong cash flow relative to its modest capital expenditure needs, a market that benefits from relatively reliable demand growth, the company's high client retention rates and its focus on behavioral economics, the agency said.

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