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S&P affirms Abbott Laboratories
Standard & Poor's said it affirmed its ratings on Abbott Laboratories (AA/stable/A-1+), following its agreement to purchase unrated Kos Pharmaceuticals Inc. for $3.7 billion in an all-cash transaction.
Although this purchase, in combination with the $4.1 billion paid earlier this year for certain vascular device assets of Guidant Inc., distorts Abbott's typically very strong financial profile, the agency said it believes the company has the capacity and willingness to rapidly reduce these borrowings.
According to S&P, the strong investment-grade rating on the company reflect its solid positions in a number of diverse health care segments, its strong financial profile and its continued robust discretionary cash flow.
The agency said the pharmaceutical segment continues to account for most of Abbott's earnings and cash flows.
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