S&P upgrades LabCorp to BBB+

Standard & Poor's said it raised its ratings on Laboratory Corp. of America Holdings by one notch, including the corporate credit rating that was raised to BBB+ from BBB.

The ratings were removed from CreditWatch, where they were placed with positive implications on Nov. 26.

The outlook is stable.

"We base our upgrade primarily on a positive reassessment of LabCorp's competitive position, including the scale, scope, and diversity of its operations, which is confirmed by the level and stability of the company's profitability," S&P credit analyst Gail Hessol said in a news release.

"LabCorp has a nationwide network of labs and patient service centers; its tests are used to diagnose and monitor an exceptionally wide range of medical conditions and we view this diversity favorably."

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