S&P rates Genentech notes A+

Standard & Poor's said it assigned its A+ rating to Genentech Inc.'s three senior note issues with an aggregate face value of $2 billion, including its senior notes due July 15, 2010, senior notes due 2015 and senior notes due 2030.

At the same time, the agency said it raised the long-term corporate credit rating to A+ from A and removed it from CreditWatch, where it had been placed with positive implications on June 17.

The outlook is stable.

The A-1 short-term and commercial paper ratings, which are not on CreditWatch, were affirmed, S&P added.

The upgrade reflects a marked improvement in Genentech's business position accompanied by a sustained commitment to conservative financial policies, the agency said.

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