DBRS upgrades McKesson

DBRS said it upgraded McKesson Corp.'s senior unsecured debt rating to A (low) from BBB (high) and confirmed the commercial paper rating at R-1 (low).

The trend is stable.

DBRS said the action extends its June 27, 2008 trend change to positive from stable on McKesson's long-term rating, which reflected steady improvement in the company's earnings profile and credit metrics during fiscal 2007 and 2008.

The agency said it expected McKesson to continue benefiting from its leading market position and focus on higher-growth/higher-margin businesses, and noted the company could get an upgrade in the following year if it maintained recently achieved credit metrics consistent with an A (low) rating.

Since then, McKesson has continued to deliver top-line and earnings growth as a result of both organic growth and successful acquisitions, the agency said.

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