Standard&Poor's Ratings Services said today that Bristol-Myers Squibb Co.'s (AA/Negative/A-1+) restatement of sales and earnings from 1999 through the third quarter of 2002 does not affect the current ratings and outlook on the company. The restatements related to some $2 billion in excess inventories of Bristol-Myers products at the wholesale level due to prior sales discounts offered by the company. Considering the nature of the transactions, the expected impact of the restatements on the company's cash is expected to be minimal. Nevertheless, Bristol-Myers is already facing a slowdown in sales and earnings growth because of generic competition to some formerly significant products (including Taxol, BuSpar, and Glucophage). In 2003 and 2004, such Bristol-Myers drugs as Serzone, Glucophage XR,
