S&P rates Celgene notes BBB+

Standard & Poor’s said it assigned its BBB+ issue-level rating to Celgene Corp.’s proposed benchmark note offering to fund the Receptos Inc. transaction and general corporate purposes.

S&P’s BBB+ corporate rating reflects the agency’s expectation that Celgene will reduce leverage to less than 2.0x by 2017 through EBITDA growth from its existing commercialized product portfolio, which supports a “modest” financial risk assessment. It also reflects the absence of contribution from Receptos until at least 2018, sustaining Revlimid concentration over the next two years, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.