...Fitch Ratings has affirmed UK-based pharmaceuticals company GlaxoSmithKline PLC's (GSK) Long-Term Issuer Default Rating (IDR) at 'A' with Stable Outlook. Fitch has also affirmed the senior unsecured rating at `A' for the debt issued by GlaxoSmithKline PLC, GlaxoSmithKline Capital PLC, and GlaxoSmithKline Capital Inc. The affirmation reflects Fitch's expectation that GSK's leverage should remain at the top end compatible with its rating. At the same time, Fitch recognises that GSK has significant financial flexibility and various strategic options including possible divestments, changes in its capital allocation policy and the structuring of potential acquisitions. Moreover, the current `A' rating is supported by GSK's scale, good geographical diversification, and range of treatment areas relative to sector peers....
