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Financings in Brief: Baxter

This article was originally published in The Gray Sheet

Executive Summary

Baxter: Standard & Poor's revises its "CreditWatch implications" on Baxter's "single A-minus" long-term debt rating and "A-2" commercial paper rating to "positive" from "developing." The revision also applies to unsecured debt ratings for related entities American Hospital Supply Corp., American Hospital Supply Finance Corp., and Baxter Travenol Laboratories. "If the divestiture of its distribution and surgical products business, Allegiance Corp., is completed as currently planned, the long-term debt and commercial paper ratings will be raised to `single A' and `A-1,' respectively," S&P says, noting that the new ratings "will reflect Baxter's strong positions in four specialty medical product markets and its moderate use of debt financing, offset by management's willingness to achieve growth through large acquisitions"...

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