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S&P ups Express; notes BBB+
Standard & Poor's said it raised the corporate credit rating on Express Scripts Inc. to BBB+ from BBB.
The outlook is stable.
All issue-level ratings were also raised one notch and S&P assigned a BBB+ senior debt rating to the company's proposed notes maturing in 2016.
Proceeds from the new notes will be used to fund common stock repurchases and for general corporate purposes.
The ratings on Express reflect that the company's satisfactory business risk profile is supported by its solid position in the growing pharmacy benefit management industry, the long-term trends toward generic and mail-order drugs and the completed integration of NextRx, S&P said.
The ratings also reflect the company's modest financial risk profile, the agency said.
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