Fitch Rates Schering-Plough's Mandatory Convertible Pfd Stock Offering 'BBB-'

Business Wire, August 3, 2007

CHICAGO -- Fitch Ratings has assigned a 'BBB-' rating to Schering-Plough Corporation's (Schering-Plough) proposed mandatory convertible preferred stock issuance. The $2.5 billion mandatory convertible preferred stock public offering announced yesterday is mandatorily convertible into common shares on August 13, 2010, unless otherwise converted. Proceeds from the preferred stock offering are expected to be used for the acquisition of Organon BioSciences NV, which is expected to close by the end of 2007. Fitch currently rates Schering-Plough's Issuer Default Rating (IDR) at 'BBB ' with a Rating Watch Negative.

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