Moody's: Bristol-Myers on negative review

Moody's Investors Service said it placed the A1 senior unsecured debentures, notes, global notes and pollution control revenue bond ratings of Bristol-Myers Squibb Co. under review for possible downgrade.

Moody's said it also affirmed the company's Prime-1 short-term ratings on commercial paper and industrial revenue bonds.

The rating review is prompted by the recent news that Pargluva, a key product in the company's pipeline, may require additional clinical studies and that these studies could take five years to complete and Moody's previous concerns that the company is weakly positioned within the A1 rating category, the agency said.

The Prime-1 rating is being affirmed at this time because of the company's strong liquidity position, the agency said.

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