Moody’s shifts Bristol-Myers view to stable

Moody’s Investors Service said it changed Bristol-Myers Squibb Co.’s outlook to stable from negative and affirmed its ratings, including the A2 senior unsecured long-term rating.

These actions follow Bristol’s launch of a tender to accelerate the repayment of up to $4 billion of debt using cash on hand, the agency said.

“The outlook stabilization reflects our expectation that accelerated debt repayment, along with strong earnings growth associated with existing and new product launches, will result in Bristol sustaining debt/EBITDA below 2.5x,” stated Michael Levesque, a Moody’s senior vice president, in a press release.

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