Fitch: GlaxoSmithKline unaffected

Fitch Ratings said it considers GlaxoSmithKline's proposed $3 billion legal settlement with the U.S. authorities manageable. It should help remove some uncertainty about the group's finances without putting significant pressure on its A+ credit rating.

The latest settlement figure is well within the total £2.9 billion provisions the group has made for legal and other disputes, and it expects to fund the payments through existing cash resources.

The company said the latest agreement in principle covers its "most significant ongoing federal government investigations," including one into the group's sales and marketing practices that began in 2004, and two Department of Justice investigations

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