On July 25, 2002, Standard&Poor's said it lowered its corporate credit, senior unsecured debt, and bank loan ratings on Bristol-Myers Squibb Co. to 'AA' from 'AAA'. The ratings were removed from CreditWatch, where they were originally placed on April 4, 2002, following the company's announcement of lowered-earnings guidance for 2002, due to excess wholesaler inventory. At the same time, Standard&Poor's affirmed its 'A-1+' short-term corporate credit and commercial paper ratings on Bristol-Myers Squibb. The outlook is negative. The solid investment-grade ratings on New York City, N.Y.-based Bristol-Myers reflect the company's strong position in the pharmaceutical industry, its diverse product portfolio, and solid cash flow generation that is in excess of current needs. Despite a series of
