Genentech's 1 bln usd 4(2) CP programme assigned 'A-1+' rating - S&P |
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Wed, 17 Oct 2007 06:39
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MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said it has assigned its 'A-1+' short-term corporate credit and commercial paper ratings to biopharmaceutical company, Genentech Inc's new 1 bln usd 4(2) commercial paper programme.At the same time, S&P said it has affirmed all of its existing ratings on Genentech.The company will use the new programme for liquidity purposes and to help fund the acquisition of Tanox Inc, the ratings agency said in a statement.The investment-grade ratings reflect the company's success in developing and commercialising monoclonal antibody-based and targeted therapeutics, conservative financial policies and the positive influence of Switzerland-based majority owner Roche Holding AG, S&P said.The ratings agency has an 'AA+' and 'A-1+' rating on Roche with a stable outlook.TFN.newsdesk@thomson.comndi/manCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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