Fitch affirms Bristol-Myers

Fitch Ratings has affirmed Bristol-Myers Squibb Co.'s ratings at A-/F2.

The outlook is stable.

Fitch said the ratings reflect its expectation that Bristol-Myers will continue to generate significant FCF, maintain a strong balance sheet and employ a conservative capital allocation strategy.

The agency views the firm's patent expiry risk as manageable in the near- to intermediate-term.

“While the company's current leverage is strong for its A- rating, Bristol needs to diversify its product portfolio in terms of sales concentration and build its late-stage research and development pipeline,” Fitch said in a news release.

The ratings apply to about $7.6 billion in debt outstanding as of March 31.

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