Quick Facts
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

Fitch Rates Express Scripts Holdings' IDRs 'BBB'; Assigns Negative Outlook

RELATED NEWS
Trade ESRX now with 
4/3/2012 3:25 PM ET

Fitch Ratings said Tuesday that it has assigned a 'BBB' rating to Express Scripts Holdings' (ESRX: Quote) Issuer Default Rating and affirmed the IDRs of Express Scripts Holdings' subsidiaries, Express Scripts, Inc. and Medco Health Solutions, Inc., at 'BBB'.

Fitch also said it has removed the Negative Ratings Watch and assigned a Negative Rating Outlook to all three IDRs.

The rating actions follow ESRX's completion of its $29.1 billion acquisition of Medco Health Solutions, Inc.

Fitch believes the acquisition is strategically sound, fits within ESRX's core competencies, offers a portfolio of complimentary ancillary services, and provides potential for gains in efficiencies of scale.

The Negative Outlook recognizes the increase in leverage that was needed to complete the deal, the rating agency said.

Click here to receive FREE breaking news email alerts for Express Scripts Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Chipmaker Advanced Micro Devices Inc. said Thursday after the markets closed that its first quarter loss narrowed from last year, helped by strong revenue growth in its graphics and visual solutions business. The company's quarterly earnings per share, excluding items, also came in above analysts' expectations as did its quarterly revenue. After trending higher over the past few sessions, stocks showed a lack of direction throughout the trading day on Thursday. The major averages spent the session bouncing back and forth across the unchanged line before ending the day mixed. While the major averages closed on opposite sides of the unchanged line, they all showed only modest moves. U.S. Secretary Of State John Kerry said Thursday that he and his counterparts from Russia, Ukraine and the European Union have reached an agreement on a preliminary plan for ending the ongoing crisis in Ukraine. Kerry was speaking at the end of the Ukraine contact group's first meeting, comprising the foreign ministers of Russia, Ukraine, the EU and the U.S., in the Swiss city of Geneva.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.