S&P assigns LabCorp notes BBB

Standard & Poor's said it assigned its BBB rating to Laboratory Corp. of America Holdings' proposed senior unsecured notes due 2018 and senior unsecured notes due 2023.

LabCorp's BBB corporate credit rating is unchanged.

S&P said the rating on LabCorp reflects the company's "satisfactory" business risk profile as a low-cost provider of clinical laboratory services.

The agency believes its superior operating efficiency has supported a track record of relatively strong and stable profitability, which is expected to continue despite price pressure, competitive challenges and service mix uncertainties.

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