Laboratory Corporation of Americar Holdings
358 South Main Street
Burlington, NC 27215
Telephone: 336-584-5171
FOR IMMEDIATE RELEASE
Contact: 336-436-4855 Shareholder Direct: 800-LAB-0401
Pamela Sherry www.labcorp.com
STANDARD & POOR'S RAISES LABCORP-REGISTERED TRADEMARK- CREDIT
RATING TO INVESTMENT GRADE
Two Level Upgrade Reflects Solid Operating Performance and Continuing
Positive Trends
Burlington, NC, November 10, 2000 - Laboratory Corporation of America-
Registered Trademark- Holdings (LabCorp-Registered Trademark-)
(NYSE: LH) announced today that Standard & Poor's has upgraded its
corporate credit and bank loan ratings for LabCorp two levels, from
BB+ to BBB.
"We are pleased that Standard & Poor's has increased LabCorp's
corporate rating to investment-grade," said Thomas P. Mac Mahon,
chairman and chief executive officer of LabCorp. "Our strategic plan to
leverage LabCorp's national presence with our genomic strategy directly
contributed to our achievement of this improved financial ranking."
Laboratory Corporation of America-Registered Trademark- Holdings
(LabCorp-Registered Trademark-) is a national clinical laboratory with
annual revenues of $1.7 billion in 1999. With 18,000 employees and
over 100,000 clients nationwide, the Company offers more than 2,000
clinical tests ranging from simple blood analyses to sophisticated
molecular diagnostics. LabCorp leverages its expertise in innovative
clinical testing technology with its Centers of Excellence. The Center
for Molecular Biology and Pathology, in Research Triangle Park (RTP),
North Carolina, develops applications for polymerase chain reaction
(PCR) technology and its National Genetics Institute in Los Angeles is
an industry leader in developing novel, highly sensitive PCR methods
for testing hepatitis C and other infectious agents. Its Center for
Occupational Testing in RTP is one of the world's largest substance
abuse testing facilities, and the Center for Esoteric Testing in
Burlington, North Carolina, performs the largest volume of specialty
testing in the network. LabCorp's clients include physicians, state
and federal government, managed care organizations, hospitals, clinics,
pharmaceutical and Fortune 1000 companies, and other clinical
laboratories.
Each of the above forward-looking statements is subject to change based
on various important factors, including without limitation, competitive
actions in the marketplace and adverse actions of governmental and
other third-party payors. Further information on potential factors
that could affect LabCorp's financial results is included in the
Company's Form 10-K for the year ended December 31, 1999 and subsequent
SEC filings.
