S&P assigns Celgene notes BBB+

Standard & Poor's said it assigned its BBB+ rating to Celgene Corp.'s proposed benchmark unsecured notes offering.

The notes will be issued in three tranches due in five, 10 and 30 years.

The company will use proceeds for working capital purposes and to repay commercial paper borrowings.

S&P said the BBB+ corporate credit rating reflects its belief that Celgene's business risk is "satisfactory," underpinned by the expectation that revenue concentration in Revlimid will continue over the near term.

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