S&P gives Omnicare convertibles, notes BB+

Standard & Poor's said it affirmed its ratings on Omnicare Inc., including the BBB- corporate credit rating and removed them from CreditWatch, where they were placed with negative implications May 24, 2004, when Omnicare first initiated its ultimately successful effort to acquire competitor NeighborCare Inc. for $1.9 billion.

The outlook is stable.

At the same time, S&P said it assigned its BB+ rating to Omnicare's offering of $750 million convertible senior debentures due 2035.

Also, a BB+ rating was assigned to the company's $750 million senior subordinated notes, a portion of which will mature in 2013, with the rest maturing in 2015, the agency added.

S&P said the ratings reflect Omnicare's leading position as a provider of pharmacy services to nursing homes and other long-term care providers and its commitment to an investment-grade financial profile.

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