Moody's assigns Express Scripts notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to Express Scripts Holding Co.'s new senior unsecured note offering and a provisional Baa3 to its senior unsecured shelf registration under its new multi-seniority shelf.

Express Scripts' existing ratings remain unchanged.

The outlook is positive.

Proceeds will be used primarily to pre-fund the repayment of Express Scripts' $900 million in 2.75% senior notes due Nov. 15, 2014 and to redeem its $1.25 billion in 3.5% senior notes due 2016.

"Express Scripts' new debt offering will not raise leverage permanently, and the company should maintain moderate leverage despite operating challenges," Moody's vice president and senior credit officer Diana Lee said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.