NEW YORK (Standard&Poor's) July 25, 2002--Standard&Poor's Ratings Services said today it lowered its corporate credit rating on pharmaceutical company Bristol-Myers Squibb Co. to double-'A' from triple-'A'. The rating action reflects the company's recent inability to launch significant new products and its temporarily less diversified product portfolio, given recent patent expirations. The rating was removed from CreditWatch, where it was originally placed on April 4, 2002, following the company's announcement of lowered-earnings guidance for 2002, due to excess wholesaler inventory. At the same time, Standard&Poor's affirmed its 'A-1'-plus short-term corporate credit rating on the New York City, N.Y.-based company. The outlook is negative. Bristol-Myers' debt totals approximately $6.5 billion. "Bristol-Myers is currently working down an
