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S&P puts Celgene on positive watch
S&P said it affirmed its BBB+ issuer credit and senior unsecured debt ratings on Celgene Corp. and placed all the ratings on CreditWatch with positive implications.
Celgene (BBB+/watch positive/A-2) has agreed to be acquired by higher-rated Bristol-Myers Squibb Co. (A+/watch negative/A-1+) in a roughly $74 billion debt- and equity-funded transaction.
“The CreditWatch placement is based on our view that Celgene is a core holding of higher-rated Bristol-Myers, and for this reason we intend to equalize our ratings on Celgene with those on Bristol-Myers. We expect to lower our ratings on Bristol-Myers to A following the close of the acquisition,” S&P said in a news release.
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