Moody’s gives Bristol-Myers notes A2

Moody's Investors Service said it assigned a rating of A2 to the new senior unsecured note offering of Bristol-Myers Squibb Co.

There are no changes to Bristol's existing ratings, including the A2 senior unsecured rating and the Prime-1 commercial paper rating.

The outlook is negative.

Proceeds will be used to partially fund the $2 billion accelerated share repurchase program which is anticipated to be completed by the end of the second quarter of 2017.

Moody’s said the A2 rating reflects the company's good scale with close to $20 billion of revenue, its strong position in immuno-oncology and its conservative capital structure.

Products launched in the last few years – like Opdivo and Eliquis – will help the company sustain growth, the agency added.

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