Fitch affirms Cardinal Health ratings |
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Thu, 28 Jun 2007 16:43
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CHICAGO (AP) - Credit rating service Fitch said Thursday it has removed medical product and services company Cardinal Health from its negative credit watch list as the company prepares to close its acquisition of Viasys Healthcare Inc.Fitch said its outlook appears stable, and affirmed 'BBB+' ratings for the company's issuer default and senior unsecured debt. The rating outlook is 'stable'.Fitch said the rating updates reflects the Dublin, Ohio-based company's healthy financial profile now that it has acquired more than 80 percent of Viasys Healthcare, which delivers diagnostics, respiratory systems and other equipment. Cardinal said it would buy the Conshohocken, Penn.-based company in May.The credit rating service said the cost of the purchase will likely total $1.5 billion, consisting of $900 million in cash and $600 million in senior unsecured debt.'Fitch believes the transaction is strategically sound, given 'Cardinal Health's' manufacturing experience with medical products and a similar customer base among the two firms,' said Fitch in a statement.Shares of Cardinal Health Inc. rose 45 cents to $70.71 in morning trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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S&P affirms Cardinal Health ratings 