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Moody's rates AmerisourceBergen notes Ba2
Moody's Investors Service said it assigned Ba2 ratings to AmerisourceBergen Corp.'s new $500 million senior unsecured notes due 2015 and $400 million senior unsecured notes due 2012.
The company's Ba2 corporate family rating and SGL-1 speculative grade liquidity rating were affirmed.
The outlook remains stable.
Proceeds from these transactions are expected to be used to refinance two existing senior note offerings.
Moody's said AmeriSource's Ba2 ratings are supported by (1) solid operating cash flow relative to debt; (2) the likelihood that excess cash generated from lower working capital requirements will be used for shareholder initiatives; and (3) uncertainty associated with changes in PharMerica reimbursement.
Moody's said the Ba2 ratings also reflect the company's high reliance on drug distribution. Moody's also commented the ratings reflect a relatively aggressive posture toward shareholder initiatives. The company recently indicated its intention to accelerate share buybacks under its existing program.
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