S&P gives AmerisourceBergen notes BBB+

Standard & Poor's said it assigned its BBB+ issue-level rating to AmerisourceBergen Corp.'s $400 million senior unsecured notes offering maturing in 2019.

The notes will rank equally with the company's existing and future senior unsecured obligations, S&P said, adding that it expects proceeds from the notes to be used to repay outstanding debt under the company's revolving credit facility and for general corporate purposes.

This offering will build liquidity under the revolver while maintaining debt at a level consistent with S&P's current BBB+/stable/A-2 corporate credit rating on the company, the agency said, adding that the ratings on AmerisourceBergen incorporate its important position as one of the three-largest drug distributors, diversified customer and supplier mixes, ample liquidity, and history of maintaining a modest financial risk profile.

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