On Sept. 25, 2003, Standard&Poor's Ratings Services assigned its 'AA-' senior unsecured debt rating to pharmaceutical firm Bristol-Myers Squibb Co.'s $1 billion senior unsecured convertible notes offering, which is due 2023. The notes are issued under Rule 144A with registration rights. At the same time, Standard&Poor's affirmed its 'AA-/A-1+' corporate credit, 'AA-' senior unsecured debt, and 'A-1+' commercial paper ratings on Bristol-Myers. The outlook is negative. The continued superior investment-grade ratings on New York, N.Y.-based Bristol-Myers reflect the company's strong presence in the worldwide pharmaceutical industry, diverse product portfolio, and solid financials, partially offset by uncertain prospects of the company's new product launches. Bristol-Myers's drug portfolio remains diverse, with strong positions in the oncology, cardiovascular, and
