S&P rates Express notes BBB+

Standard & Poor's said it assigned Express Scripts Inc.'s proposed senior unsecured notes offering its BBB+ issue-level rating. The notes will be issued by wholly owned subsidiary Aristotle Holding Inc. in multiple tranches, with maturities, amounts, and rates to be determined by market conditions, according to an S&P news release.

Express Scripts will use the proceeds from the notes to partially fund its $29 billion acquisition of Medco Health Solutions Inc., according to S&P.

S&P's corporate credit rating on Express Scripts is BBB+ and the outlook is negative. The agency said it believes the acquisition will more than double the size of Express Scripts and introduce substantial integration risk, which is reflected in the negative outlook on the company.

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