NEW YORK (S&P Global Ratings) Feb. 15, 2022--S&P Global Ratings today assigned its 'A+' issue-level ratings to pharmaceutical company Bristol-Myers Squibb Co.'s proposed senior unsecured notes. The company's refinancing plans contemplate using the proceeds from these notes to retire outstanding debt with shorter maturities, in a transaction that is largely leverage neutral (except for prepayment costs and transaction fees). Our 'A+' ratings on Bristol-Myers reflects its strong position in the high-margin, patent-protected market for prescription drugs, which is relatively insensitive to the business cycle. The company's 2021 revenue of about $46.4 billion were supported by eight blockbuster drugs, and leading franchises in hematologic oncology, oncology, cardiology, and immunology. The company's strong free cash flow generation even after dividends, enhances financial
