S&P assigns BBB+ to Express Scripts notes

Standard & Poor's said it assigned its BBB+ issue-level rating to Express Scripts Inc.'s proposed senior unsecured notes offering.

According to S&P, the notes will be issued by wholly owned subsidiary Aristotle Holding Inc., with guarantees from Express Scripts and certain of Express Scripts' wholly owned and future wholly owned domestic subsidiaries. The agency said it therefore rates the notes at the same level as Express Scripts' existing senior unsecured notes.

S&P said it understands that Express Scripts will use the proceeds from the notes to partially fund its $29 billion acquisition of Medco Health Solutions Inc.

The agency said its corporate credit rating on Express Scripts is BBB+ and remains unchanged, as does the negative rating outlook.

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