Fitch affirms GlaxoSmithKline

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

The outlook is stable.

The ratings are supported by its strong market position within the health care industry, its wide geographical and product diversification, high profitably and strong research and development product pipeline and its well manageable patent-expiry profile, the agency said.

Negative rating factors include the company's shareholder friendly policy and significant payouts for litigation settlement, Fitch said.

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