S&P lowers AbbVie to stable

Standard & Poor’s said it affirmed AbbVie Inc.’s corporate credit rating at A.

The agency also revised the company’s view to stable from positive.

The outlook revision reflects a belief that, over the near term, AbbVie is willing to depart from the conservative financial policy that had been factored into the rating and the positive outlook, S&P said.

AbbVie has a short track record as an independent entity and this potential departure occurred less than two years after AbbVie was spun out, the agency said.

There also is uncertainty about the company’s commitment to cash accumulation and capital allocation for debt reduction in the absence of business-development opportunities, S&P said.

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