S&P: Bristol-Myers notes A+

S&P said it assigned A+ ratings to Bristol-Myers Squibb Co.'s proposed unsecured notes due 2019 and 2027.

The rating is the same as the rating on the company's existing unsecured notes.

The proceeds will be used to fund its share repurchase program and for general corporate purposes.

The ratings reflect the company's well-established position in an array of high-margin pharmaceutical markets, S&P said.

The company has solid positions in oncology and cardiovascular, the agency said, and has eight drugs with sales in excess of $1 billion.

S&P said it expects growth will slow in 2017 and 2018 as Opdivo faces competitive challenges, but still expect leverage to remain less than 1.5x.

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