Bristol-Myers Squibb Co. (AA/Negative/A-1+) announced that it will further delay filing its 2001 annual financial report until March 10, 2003. The restatement is the result of an SEC probe of its sales practices which, in 2001, increased the amount of inventory held by wholesalers beyond the amount that the end market could absorb. While the restatement will provide better visibility to Bristol-Myers' operations, the cash flow impact is limited and has no effect on the current ratings and outlook on Bristol-Myers. Standard&Poor's Ratings Services does not currently believe that the delay in the restatement will lead to a technical default under its bond indenture.
