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Fitch: Corning's 'BBB+' IDR Unaffected by Acquisition of Axygen BioScience, Inc.

Publication: Business Wire
Publication Date: 16-SEP-09
Format: Online
Delivery: Immediate Online Access

Article Excerpt
CHICAGO -- Fitch Ratings believes that the following ratings for Corning Incorporated (Corning) are unaffected by the acquisition of Axygen BioScience, Inc. (Axygen):

--Issuer Default Rating (IDR) at 'BBB+';

--Senior unsecured debt rating at 'BBB+';

--Senior unsecured credit facility at 'BBB+'.

The Rating Outlook remains Stable.

Corning announced that it acquired all the shares of Axygen and its subsidiaries from American Capital Ltd. for approximately $400 million in cash....

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