Research Update: PSS World Medical Inc. Senior Unsecured Debt Rated 'BB-', Recovery Rating '6' Feb 12

Standard & Poors, February 2012

Abstract
PSS World Medical Inc. recently announced its intention to issue $250 million of new senior unsecured notes maturing in 2022. We are assigning our 'BB-' senior unsecured debt rating and '6' recovery rating to the proposed $250 million notes maturing in 2022. We are lowering our issue-level rating on the company's existing senior unsecured convertible notes to 'BB-' from 'BB' and revising our recovery rating on the notes to '6' from '5'. Our stable rating outlook reflects our belief that the company will continue to operate with an intermediate financial risk profile despite the proposed debt offering and still-weak economy. On Feb. 10, 2012, Standard & Poor's Ratings Services assigned its 'BB-' senior unsecured debt rating and '6' recovery rating,...

Companies mentioned in this report are: PSS World Medical Inc.
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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

PSS World Medical Inc.

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