AbbVie is acquiring Shire plc for $54.7 billion using a mix of cash, equity, and debt. We expect pro forma leverage to increase to 3.1x from 1.2x at March 31, 2014; We are placing our 'A' corporate credit rating and senior unsecured debt rating on AbbVie on CreditWatch with negative implications given its pro forma, weaker financial risk profile. We expect to lower AbbVie's corporate credit rating and senior unsecured debt rating to 'A-' when the acquisition is complete, which we expect in early 2015. We expect to assign a stable outlook, reflecting prospects for moderate deleveraging in the two years following the acquisition. On July 18, 2014, Standard&Poor's Ratings Services placed its 'A' corporate credit rating and
