S&P rates LabCorp notes BBB

Standard & Poor's said it assigned its BBB rating to Laboratory Corp. of America Holdings' (LabCorp) $250 million senior unsecured note issue.

Existing ratings on the company, including the BBB corporate credit rating, were affirmed. The outlook is stable.

Proceeds will be used for share repurchases.

S&P said the low investment-grade ratings on LabCorp reflect the company's position as one of only two national independents in the clinical laboratory services market (it is a close No. 2), as well as its broad, industry-leading specialty testing capabilities. The ratings also take into account the company's dependence on a favorable reimbursement environment.

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