S&P affirms Celgene

S&P said it affirmed its BBB+ corporate credit rating on Celgene Corp. The outlook remains stable.

All issue-level ratings on Celgene are unaffected.

S&P said the rating affirmation reflects S&P’s expectation that, following the proposed acquisition of Juno Therapeutics for about $9 billion, Celgene's 2018 leverage will increase to 2.1x, but will reduce below 2x by the middle of 2019 through EBITDA and cash flow growth from the existing commercialized product portfolio.

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