Fitch Rates Bristol-Myers Squibb's Senior Notes 'A+'

Business Wire,  April 28, 2008  

Tags: Bristol-Myers Squibb Co.

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CHICAGO -- Fitch Ratings has assigned an 'A+' rating to Bristol-Myers Squibb Company's (Bristol-Myers Squibb) proposed issuance of 10-year and 30-year senior unsecured notes. The senior notes are ranked pari passu with existing senior unsecured debt.

Proceeds from this issuance are expected to be used for general corporate purposes including refinancing short-term debt. Bristol-Myers Squibb had total debt of $6.27 billion at the end of 2007, including $1.89 billion of short-term debt. Included in short-term debt are current maturities of $108 million of 1.1% Yen notes, $31 million of 1.43% Yen notes, and $400 million of 4.4% senior unsecured notes due in August, as well as $1.2 billion of floating rate convertible notes due 2023 with a put option exercisable by holders on or after Sept. 21, 2008. Bristol-Myers Squibb's liquidity is provided by cash and short-term investments of $2.22 billion and full capacity under a $2 billion five-year revolving credit facility expiring in December 2011.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.

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