S&P affirms GlaxoSmithKline

Standard & Poor's said it affirmed its A+ long-term and A-1 short-term corporate credit ratings on GlaxoSmithKline plc.

The outlook is stable.

The affirmation follows the company's announcement that it plans to create a consumer health care joint venture with Switzerland-based Novartis AG.

"The affirmation reflects our view that the announced joint venture transaction is neutral to our assessment of GSK's business risk profile as 'excellent' and that GSK will continue to manage returns to shareholders in a manner that will not lead its debt protection metrics to deteriorate beyond the levels we assume under our base case," S&P said in a news release.

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