Bristol-Myers Squibb Co.'s Unsecured Notes Rated 'A+'

NEW YORK (S&P Global Ratings) Feb. 22, 2017--S&P Global Ratings today assigned its 'A+' issue-level ratings to New York-based Bristol-Myers Squibb Co.'s (A+/Stable/A-1+) proposed unsecured notes due 2019 and 2027. The rating is the same as our rating on the company's existing unsecured notes. The company plans to use the proceeds to fund its share repurchase program and for general corporate purposes. Our rating on Bristol-Myers reflects the company's well-established position in an array of high-margin pharmaceutical markets. The company has solid positions in oncology and cardiovascular, and has eight drugs with sales in excess of $1 billion. We expect growth will slow in 2017 and 2018 as Opdivo faces competitive challenges, but still expect leverage to remain below 1.5x,

...NEW YORK (S&P Global Ratings) Feb. 22, 2017--S&P Global Ratings today assigned its 'A+' issue-level ratings to New York-based Bristol-Myers Squibb Co.'s (A+/Stable/A-1+) proposed unsecured notes due 2019 and 2027. The rating is the same as our rating on the company's existing unsecured notes. The company plans to use the proceeds to fund its share repurchase program and for general corporate purposes. Our rating on Bristol-Myers reflects the company's well-established position in an array of high-margin pharmaceutical markets. The company has solid positions in oncology and cardiovascular, and has eight drugs with sales in excess of $1 billion. We expect growth will slow in 2017 and 2018 as Opdivo faces competitive challenges, but still expect leverage to remain below 1.5x, our threshold for the rating. For the corporate credit rating rationale, see the summary analysis on Bristol-Myers Squibb published on June 17, 2016. RELATED CRITERIA + Criteria - Corporates - General: Methodology And...

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