S&P provides BBB- to Illumina convertibles

Standard & Poor's said it assigned its BBB- unsolicited corporate credit rating to Illumina Inc.

At the same time, the agency assigned its BBB- unsolicited issue-level rating to the $1.1 billion of convertible notes.

"Our rating reflects the combination of a tightly focused competitive position in the life sciences industry and a lightly leveraged balance sheet, characterized by ample cash balances and good cash flows," S&P credit analyst Michael Berrian said in a news release.

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