S&P ups Genzyme notes

Standard & Poor's said that it raised the issue rating to AA- from A- on the $500 million of senior notes due 2015 and $500 million of senior notes due 2020 issued by Genzyme Corp. The ratings were removed from CreditWatch, where they were placed with positive implications on Feb. 10.

Genyzme's parent company is Sanofi (AA-/stable/A-1+). The ratings on Sanofi are unchanged.

The upgrade follows Sanofi's announcement that it received the necessary consent from Genzyme's bondholders to its proposed changes to the bond agreement, in exchange for Sanofi's irrevocable guarantee of the notes plus a $2.50 cash payment on each $1,000 of principal, the agency said.

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