S&P rates Schering-Plough debt A-

Standard & Poor's said it assigned an A- rating to Schering-Plough Corp.'s proposed €500 million senior unsecured debt offering due 2010 and €1.5 billion senior unsecured debt offering due 2014. The issuer's long-term corporate credit rating is A-.

The outlook is stable.

Proceeds will be used to help fund the company's planned $14.4 billion acquisition of Organon Biosciences.

The rating reflects the company's diverse product portfolio, its enhanced product pipeline following the Organon acquisition and its conservative financial policies, S&P said.

These factors are partly offset by the challenge of boosting the productivity of its product pipeline, the agency said.

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