S&P elevates Abbott Labs

S&P said it raised its long-term issuer credit rating on Abbott Laboratories to BBB+ from BBB and issue rating on its unsecured debt to BBB+ from BBB.

S&P said it affirmed its A-2 short-term commercial paper program rating.

The outlook is positive.

“The upgrade reflects Abbott Laboratories' faster-than-projected leverage reduction to 2.5x in 2018 from 4.3x in 2017, following its acquisition of St. Jude Medical Inc. in 2017, and our expectation that the company will maintain leverage below 3x going forward,” S&P said in a news release.

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