Fitch affirms GlaxoSmithKline

Fitch Ratings said it affirmed GlaxoSmithKline plc's long-term issuer default rating and senior unsecured rating at A+ and short-term issuer default rating at F1.

The outlook is stable.

The ratings are supported by the company's position as the third-largest player in the global pharmaceuticals industry, strong, well-diversified product portfolio and high profitability, Fitch said.

The negative rating factors include the group's shareholder-friendly financial policy and significant payouts for litigation settlement, the agency said.

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