Express Scripts Holding Company -- Moody's: Anthem lawsuit is credit negative for Express Scripts but no effect on ratings

New York, March 21, 2016 -- On 21 March 2016, Anthem, Inc. (Baa2 ratings under review for downgrade) filed a lawsuit against Express Scripts Holding Company (Baa2 stable), its provider of pharmacy benefit management (PBM) services. In its lawsuit, Anthem aims to: (1) recover damages for pharmacy pricing that is higher than competitive benchmark pricing, and (2) recover damages related to operational issues and to declare Anthem's right to terminate its contract with Express Scripts. Moody's views this as a credit negative development because it indicates that re-pricing discussions to date have not resulted in terms that are acceptable to each party. The lawsuit follows previous public statements that Anthem has made regarding its contract with Express Scripts. This development does not have an impact on Express Scripts' ratings or outlook at this time. For additional information, please refer to Moody's Issuer Comment on Express Scripts on www.moodys.com.

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