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

  • ID: 2026384
  • November 2011
  • Standard & Poors
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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

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- Express Scripts Inc.
- Express Scripts Holding Co.

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