Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of AmerisourceBergen Corporation and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
Moody's Investors Service ("Moody's") downgraded the ratings of Diplomat Pharmacy, Inc. ("Diplomat") including the Corporate Family Rating to Caa1 from B3, the Probability of Default Rating to Caa1-PD from B3-PD, the senior secured rating to Caa1 from B3 and the Speculative Grade Liquidity Rating to SGL-4 from SGL-3. The downgrade of the Corporate Family Rating to Caa1 from B3 reflects the recent decision by a large payer to begin excluding Diplomat from its specialty pharmacy network later this month, raising concerns about Diplomat's competitive position.
Moody's Investors Service commented that the recent exchange offer from Cigna Corporation to exchange debt of Express Scripts Holding Company ("Express Scripts") and Medco Health Solutions, Inc. ("Medco") for new obligations of Cigna Corporation has no immediate impact on the ratings of Express Scripts or Medco. Express Scripts and Medco are each rated Baa2 with a stable outlook.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Cigna Corporation and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
Moody's Investors Service ("Moody's") affirmed AmerisourceBergen Corporation's ("AmerisourceBergen") Baa2 senior unsecured rating and Prime-2 senior unsecured commercial paper rating. The affirmation of the Baa2 rating reflects Moody's expectation that AmerisourceBergen's cash flow will remain strong, with approximately $1.5 billion of free cash flow after dividends per annum over the next three years.
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Moody's Investors Service ("Moody's") assigned a Baa2 rating to AmerisourceBergen Corporation's ("AmerisourceBergen") new senior unsecured bonds. Moody's expects that proceeds from the company's new $500 million bond issuance will be used for general corporate purposes, including refinancing activities.
Express Scripts is a subsidiary of Cigna Corporation ("Cigna"). The majority of the debt of Express Scripts and Medco has been exchanged into direct obligations of Cigna through a recently completed exchange offer.
Moody's Investors Service ("Moody's") placed the ratings of Diplomat Pharmacy, Inc. ("Diplomat") under review for upgrade. Moody's changed the outlook to rating under review from developing. OptumRx is part of UnitedHealth Group Incorporated, which has senior unsecured debt rated A3 with a stable outlook.
Moody's Investors Service ("Moody's") downgraded the ratings of Diplomat Pharmacy, Inc. ("Diplomat") including the Corporate Family Rating to B3 from B2, the Probability of Default Rating to B3-PD from B2-PD, and the senior secured rating to B3 from B2. At the same time, Moody's affirmed the SGL-3 Speculative Grade Liquidity Rating.