S&P boosts Genentech

Standard & Poor's said it raised its ratings on Genentech Inc.

The long-term corporate credit rating was raised to AA from A+ and the short-term rating was raised to A-1+ from A-1, S&P said, adding that the long-term rating outlook is stable.

The upgrade reflects a reevaluation of the credit impact of Genentech's 56% owner, Roche Holdings AG (AA+/stable/A-1+), which received public ratings from S&P earlier this year.

The investment-grade ratings on Genentech reflect the positive influence of majority owner Roche Holdings Inc., Genentech's record of successfully developing and commercializing monoclonal antibody-based therapeutics and the company's conservative financial policies, S&P added.

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