AbbVie Inc.'s Proposed Senior Unsecured Notes Rated 'A-' And Placed On CreditWatch Negative

NEW YORK, NY (S&P Global Ratings) Nov 6, 2019--S&P Global Ratings today assigned its 'A-' issue-level rating to Chicago-based pharmaceutical company AbbVie's proposed senior unsecured notes of various maturities and placed the ratings on CreditWatch with negative implications. The proposed notes will be used to partially fund the acquisition of Allergan PLC. Following the close of the acquisition of Allergan, expected in the first quarter of 2020, we will resolve the CreditWatch placement on all ratings on AbbVie. Based on the proposed financing terms and assuming no significant changes in financial policy or operating performance, we expect to lower the issuer credit rating on AbbVie to 'BBB+' from 'A-' and assign a stable outlook. On Oct. 25, 2019, AbbVie announced

...November 6, 2019 NEW YORK, NY (S&P Global Ratings) Nov 6, 2019--S&P Global Ratings today assigned its 'A-' issue-level rating to Chicago-based pharmaceutical company AbbVie's proposed senior unsecured notes of various maturities and placed the ratings on CreditWatch with negative implications. The proposed notes will be used to partially fund the acquisition of Allergan PLC. Following the close of the acquisition of Allergan, expected in the first quarter of 2020, we will resolve the CreditWatch placement on all ratings on AbbVie. Based on the proposed financing terms and assuming no significant changes in financial policy or operating performance, we expect to lower the issuer credit rating on AbbVie to '###+' from 'A-' and assign a stable outlook. On Oct. 25, 2019, AbbVie announced that it is seeking to exchange new notes for $15.5 billion and 3.7 billion of notes of outstanding public debt at Allergan Inc., Allergan Sales LLC, Allergan Funding SCS, and Allergan Finance LLC, mirroring...

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