Fitch affirms Express Scripts

Fitch Ratings said it affirmed Express Scripts' issuer default rating and senior unsecured bank credit facility at BBB.

The outlook is stable.

The agency said ratings reflect strong cash flow generation relative to modest capital spending and a market that is supported by demand growth, as well as margins that continue to benefit from a growing mix of higher-margin sales of mail-order pharmacy services, generic medications and specialty pharmaceuticals.

Ratings also reflect transparency issues and the potential for pressure on the industry's gross and operating margins, S&P said.

For the 12 months ending Sept. 30, the company's total debt-to-EBITDA ratio was 1.77 times.

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