Fitch rates Express Scripts bond BBB

Fitch Ratings said it assigned a BBB rating to the proposed senior unsecured bond issuance by Express Scripts Holding Co.

Proceeds are expected to be used for the redemption of Express Scripts' $900 million and $1.25 billion of unsecured bonds due November 2014 and November 2016, respectively, and for general corporate purposes (including some share repurchase).

Fitch currently rates Express Scripts' issuer default rating BBB with a stable outlook.

The bonds will be cross guaranteed by the company's two other issuing entities, Express Scripts, Inc. and Medco Health Solutions, Inc. and, as a result, will rank pari passu with all existing unsecured debt currently outstanding in Express Scripts' capital structure.

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