S&P rates Genzyme notes A-

Standard & Poor's said it assigned an A- rating to Genzyme Corp.'s $1 billion senior unsecured notes offering, to be divided into five- and 10-year tranches due 2015 and 2020.

Proceeds will be used to fund the company's recently announced $2 billion share repurchase program and for general corporate purposes.

The rating reflects Genzyme's increasingly diverse product portfolio, a well-stocked late-stage product pipeline and continued maintenance of its minimal financial risk profile, S&P said.

These factors are slightly offset by increasing competition to its flagship product, Cerezyme and past manufacturing issues at its Allston manufacturing facility, the agency said.

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