Standard&Poor's Ratings Services has revised its criteria regarding the linkage of issuers' long-term and short-term ratings as they relate to liquidity. Considering U.S.-based pharmaceutical company Bristol-Myers Squibb's exceptional liquidity, we are raising our short-term rating on the company to 'A-1+' from 'A-1', based on the new criteria. We are also affirming our 'A+' long-term corporate credit rating on the company. The long-term rating outlook is stable. The stable outlook reflects the company's improving operating performance and a strong financial risk profile for the rating, which provides some cushion for the expiration of key patents. On May 31, 2012, Standard&Poor's Ratings Services raised its short-term rating on New York-based Bristol-Myers Squibb Co. (BMS). to 'A-1+' from 'A-1'.
