S&P gives Hospira notes BBB-

Standard & Poor's said it assigned its BBB- issue-level rating to Hospira Inc.'s proposed senior unsecured notes offering with seven- and 10-year maturities.

The other terms of these notes, drawdowns from the recent shelf filing, will be determined by market conditions.

Hospira will use proceeds to redeem its $400 million 5.9% notes due June 2014 and $250 million 6.4% notes due May 2015.

S&P said the ratings on Hospira reflect its view that the business risk remains "satisfactory," despite manufacturing missteps.

Hospira's well-established position as the largest global generic injectables manufacturer with a broad line of essential medicines supports its business risk profile, the agency said.

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