S&P rates Bristol-Myers Squibb notes A+

S&P said it rated Bristol-Myers Squibb Co.'s planned senior unsecured notes A+.

“Our A+ ratings on Bristol-Myers reflects its strong position in the high-margin, patent-protected market for prescription drugs, which is relatively insensitive to the business cycle,” the agency said in a press release.

The company will use the proceeds to retire outstanding debt with shorter maturities, in a transaction that is largely leverage neutral, except for prepayment costs and transaction fees.

The outlook is negative.

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