Bristol-Myers Squibb Co. Senior Unsecured Notes Rated 'A+', Placed On CreditWatch Negative

NEW YORK (S&P Global Ratings) May 2, 2019--S&P Global Ratings today assigned its 'A+' issue-level rating to New York-based pharmaceutical company Bristol-Myers Squibb Co.'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 Celgene Corp. Following the close of the acquisition of Celgene, expected in the third quarter of 2019, we will resolve the CreditWatch on all ratings on Bristol-Myers. 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 Bristol-Myers to 'A' from 'A+' and assign a stable outlook. On April 17, 2019, Bristol-Myers

...May 2, 2019 NEW YORK (S&P Global Ratings) May 2, 2019--S&P Global Ratings today assigned its 'A+' issue-level rating to New York-based pharmaceutical company Bristol-Myers Squibb Co.'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 Celgene Corp. Following the close of the acquisition of Celgene, expected in the third quarter of 2019, we will resolve the CreditWatch on all ratings on Bristol-Myers. 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 Bristol-Myers to 'A' from 'A+' and assign a stable outlook. On April 17, 2019, Bristol-Myers announced that it is seeking to exchange new notes for $19.85 billion of outstanding public debt at Celgene, mirroring the Celgene notes in terms of principal amount, interest rate, and maturity date....

Ratings Action