CHICAGO--(BUSINESS WIRE)--Fitch Ratings has assigned a 'BBB+' rating to Quest Diagnostics, Inc.'s (Quest) proposed public issuance of $1.25 billion of senior unsecured notes comprising three-, five-, 10-, and 30-year tranches. Proceeds from the senior unsecured debt are expected to be used for general corporate purposes, including debt reduction and funding for the Athena Diagnostics acquisition.
Fitch's existing ratings for Quest are as follows:
--Issuer Default Rating (IDR) 'BBB+';
--Senior unsecured debt rating 'BBB+';
--Bank loan rating 'BBB+'.
The Rating Outlook is Negative.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'Corporate Rating Methodology' (Aug. 16, 2010)
Applicable Criteria and Related Research:
Corporate Rating Methodology
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=546646
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