S&P gives MedImmune convertibles BBB

Standard & Poor's said it assigned its BBB senior unsecured debt rating to MedImmune Inc.'s proposed $500 million convertible senior notes due 2011 and $500 million convertible senior notes due 2013.

"These unsecured notes are rated at the same level as the BBB corporate credit rating on MedImmune because of the minimal amount of secured borrowings in the company's capital structure," said S&P credit analyst Jesse Juliano.

The agency added that the corporate credit rating on MedImmune is BBB and the rating outlook is stable, noting that the rating reflects the strong sales and related cash flows from the company's defensible niche drug Synagis, mitigated somewhat by the company's continued heavy dependence on Synagis given its limited near-term new product prospects.

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