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Express Scripts' Proposed Senior Unsecured Notes Rated 'BBB+' Nov 11

  • ID: 2026384
  • November 2011
  • Standard & Poors

Abstract
BOSTON (Standard & Poor's) Nov. 14, 2011--Standard & Poor's Ratings Services today assigned St. Louis, Mo.-based pharmacy benefit management (PBM) services provider Express Scripts Inc.'s proposed senior unsecured notes offering its 'BBB+' issue-level rating. The notes will be issued by wholly owned subsidiary Aristotle Holding Inc. in multiple tranches, with maturities, amounts, and rates to be determined by market conditions. The notes will rank equally with the company's existing and future senior unsecured indebtedness. Express Scripts will use the proceeds from the notes to partially fund its $29 billion acquisition of Medco Health Solutions Inc. Our corporate credit rating on Express Scripts is 'BBB+' and the rating outlook is negative. We believe that initial leverage following the Medco acquisition will...

Companies mentioned in this report are:
- Express Scripts Inc.
- Express Scripts Holding Co.

Action: New Rating

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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- Express Scripts Inc.
- Express Scripts Holding Co.

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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