Pharmaceutical manufacturer AbbVie Inc. has completed its acquisition of Allergan plc. Leverage rises as a result of the transaction. Pro forma, we estimate leverage in the mid-3x area. We are lowering our issuer credit rating and unsecured debt rating on AbbVie to 'BBB+' from 'A-'. We are also lowering our short-term rating to 'A-2' from 'A-1'. Our stable outlook reflects our expectation for revenue growth, the realization of synergies, and sizable free cash flow generation. We expect the company to prioritize debt reduction and for adjusted debt leverage to decline to the 3x area in 2021. The addition of Allergan improves the business by adding immediate cash flow, increasing therapeutic and payer diversity, and reducing product concentration. AbbVie will be
