CHICAGO--(BUSINESS WIRE)--Fitch Ratings has affirmed Bristol-Myers Squibb Co.'s (Bristol- Myers, Bristol) Issuer Default Rating (IDR) at ‘A-' and has revised the Rating Outlook to Stable from Negative. The ratings apply to approximately $7.27 billion of debt outstanding at Sept. 30, 2014. A full list of the company’s ratings follows at the end of this press release.
KEY RATING DRIVERS
--Fitch expects Bristol-Myers to operate with leverage below 2.0 times (x) following the divestiture of its diabetes business. Leverage at Sept. 30, 2014 was 1.76x compared to 1.96x at Dec. 31, 2013 - just prior to the divestiture.
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