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.
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by RTT Staff Writer
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