S&P assigns Millipore notes BBB-

Standard & Poor's said it assigned its debt and recovery ratings to Millipore Corp.'s €250 million notes offering due in 2016.

The agency said that the debt rating on the notes is BBB-, one notch higher than the BB+ corporate credit rating on Millipore and the recovery rating is 1.

The rating reflects the significantly expanded debt burden incurred to fund the $1.4 billion cash acquisition of Serologicals Corp., the uncertain integration success and, over the longer term, the potential for additional debt-financed acquisitions, according to the agency.

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