Moody's: Amerisource notes Baa2

Moody's Investors Service said it assigned a Baa2 rating to AmerisourceBergen Corp.'s new proposed note offering, which is being drawn off of an existing senior unsecured shelf.

The outlook remains stable.

The proceeds will be used to help finance recent modest- and moderate-sized acquisitions, including TheraCom for about $250 million, Moody's said.

However, because the company does have cash to fund these transactions, the agency said it believes this is an opportunistic borrowing.

Moody's said it views this transaction as a temporary rise in debt since it is expected that AmerisourceBergen will repay a 2012 maturity with cash flow.

The rating reflects the company's position as one of the nation's leading pharmaceutical distributors, with reliance on a very low margin business, the agency said.

The company benefits from a sizable specialty drug distribution business as well as lower dependence on large customers relative to its peers, Moody's said.

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