S&P: Express Scripts unchanged

Standard & Poor's said its ratings and outlook on Express Scripts Inc. are not affected by the completion of the company's previously announced $29.1 billion acquisition of Medco Health Solutions Inc.

The agency said the ratings on the combined entity reflect S&P's belief that initial leverage following the Medco acquisition is more than 3x, but leverage is expected to return to below 2x within 18 to 24 months on a combination of debt reduction and EBITDA growth.

The acquisition more than doubles the size of Express Scripts and introduces substantial integration risk, which is reflected in the negative rating outlook on the company, the agency said.

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