S&P trims GlaxoSmithKline

S&P said it lowered its rating for GlaxoSmithKline plc to A from A+, citing recurring restructuring programs and investments in new drug research and manufacturing. The agency also cited the costs of separating its joint venture with Pfizer from the company.

“Under our base case, we do not expect adjusted leverage to decline materially below 3x over the next 24 months, and this will not be commensurate with the A+ rating level,” S&P said in a press release.

The outlook is stable.

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