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S&P raises, withdraws Harvard Drug
Standard & Poor's said it raised its corporate credit rating on Harvard Drug Group LLC to A- from B following its acquisition by Cardinal Health Inc. (A-/stable/A-2).
The outlook is stable.
The agency subsequently withdrew the rating, along with the issue-level ratings on its debt, because all of Harvard Drug's debt was repaid in conjunction with the acquisition.
"We based the upgrade on our belief that Harvard Drug's operations will be fully integrated into Cardinal Health," S&P credit analyst Michael Berrian said in a news release.
This supports the agency’s opinion that Harvard Drug is a core subsidiary of Cardinal Health and, as a result, it equalized the ratings on Harvard Drug with those on Cardinal, S&P said.
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