Fitch cuts Bristol-Myers Squibb ratings

Fitch Ratings has downgraded Bristol-Myers Squibb Co.'s (Bristol Myers Squibb) Long-term Issuer Default Rating (IDR) to 'A' from 'A+'. Simultaneously, the 'F1' Short-term IDR and commercial paper rating have been affirmed. Fitch has also downgraded the following ratings for Bristol Myers Squibb:

--Senior unsecured debt rating to 'A' from 'A+'; --Bank loan rating to 'A' from 'A+'. The ratings apply to approximately $4.8 billion of debt. The Rating Outlook is Negative. Diabetes Treatment Portfolio Expanded Bristol Myers Squibb announced on June 29 the acquisition of Amylin Pharmaceuticals Inc. (Amylin) for approximately $7.0 billion comprising a purchase price of $5.3 billion, and net debt pay down and a contractual obligation payment to Eli Lilly of $1.7 billion on a combined basis.

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- Posted: 2012-07-03 12:34:44

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