The strong investment-grade ratings on New York-based Bristol-Myers Squibb Co. (BMS) reflect Standard&Poor's Ratings Services' expectation that the company will be able to weather its upcoming "patent cliff" without requiring any significant new borrowings. The strong business risk profile reflects our belief that the growth of newer products will mitigate the loss of market exclusivity expected in 2011 and 2012 for products whose U.S. sales currently account for approximately 35% of total revenues. Despite cash and investments that exceed debt, suggesting a minimal financial risk profile, we view the financial risk profile as modest. In our view, both additional acquisitions and shareholder-friendly actions are quite likely, and leverage could stay outside of the 0-1.5x guidance for minimal for
