Our 'A+' corporate credit rating on Bristol-Myers Squibb Co. is derived from: Our anchor of 'aa-', based on our "strong" business risk and "minimal" financial risk profile assessments for the company. We apply a downward adjustment of one notch for comparable rating analysis based on our belief that Bristol Myers' scope is somewhat less than its peers. Good product diversification but more therapeutic concentration than competitors; Successful track record of new product introductions; Disciplined approach to acquisitions; and Fewer blockbuster drugs and new molecular entities than competitors. Leverage of 1.1x at Dec. 31, 2013; Free operating cash flow to debt of 62%; and Conservative financial policies with limited use of debt financing and ample cash balances. Our stable rating outlook
