On July 21, 2008, Standard&Poor's Ratings Services lowered its long-term corporate credit rating on Switzerland-based pharmaceuticals and diagnostics group Roche Holding AG (Roche) to 'AA–' from 'AA+'. This action follows the announcement by Roche of its debt-financed plan to acquire the outstanding publicly held minority interest of its 56%-owned subsidiary, U.S.-based biopharmaceuticals company Genentech Inc., for a total payment of approximately $43.7 billion. The outlook is stable. At the same time, Standard&Poor's lowered its long-term corporate credit rating on Genentech Inc. to 'AA-' from 'AA', to reflect the rating on the parent company. In addition, the 'A-1+' short-term rating on both Roche and Genentech was affirmed. The outlook on Genentech is stable. The 'AA-' ratings on
