MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said it
lowered its long-term corporate credit rating on Switzerland-based
pharmaceuticals and diagnostics group Roche Holding AG to 'AA' from 'AA+'
following the announcement by Roche of its debt-financed plan to acquire the
outstanding publicly held minority interest of its 56 percent-owned subsidiary,
United States-based biopharmaceuticals company Genentech Inc., for about $43.7
billion.
S&P said the outlook is stable.
The ratings agency also said it lowered its long-term corporate credit
rating on Genentech to 'AA-' from 'AA' to reflect the rating on the parent
company.
S&P also said it affirmed the 'A-1+' short-term rating on Roche and
Genentech. The outlook on Genentech is stable.
TFN.newsdesk@thomson.com
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