On July 29, 2003, Standard&Poor's Ratings Services 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. The continued superior investment-grade ratings on New York, N.Y.-based pharmaceutical company Bristol-Myers reflect its continued strong presence in the worldwide pharmaceutical
