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S&P shifts Bristol-Myers view to negative
S&P said it changed the outlook for Bristol-Myers Squibb Co. to negative from stable after the company reported it plans to acquire MyoKardia Inc. for $13.1 billion. However, the agency said the acquisition makes sense strategically.
“The transaction raises leverage to the low-2x area, likely to remain in the high-1x area in 2021. This is in contrast to our expectation that leverage would decline to the mid- to high-1x area in 2020 and the mid-1x area in 2021, following the acquisition of Celgene in late 2019,” S&P said in a press release.
The agency also affirmed Bristol-Myers’ A+ rating.
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