NEW YORK (Standard&Poor's) July 29, 2003--Standard&Poor's Ratings Services said today that it lowered its corporate credit and senior unsecured debt ratings on Bristol-Myers Squibb Co. to 'AA-' from 'AA'. At the same time, Standard&Poor's affirmed its 'A-1+' short-term corporate credit and commercial paper ratings on Bristol-Myers. The outlook is negative. "Although Bristol-Myers' new schizophrenia treatment, Abilify, is off to a strong start, the rating actions are because of Standard&Poor's increasing concerns regarding Bristol-Myers' ability to generate meaningful earnings and cash flow growth over the next few years and the likelihood that debt will be sustained at higher levels," said credit analyst Arthur Wong. The continued superior investment-grade ratings on New York, N.Y.-based
