GlaxoSmithKline: Moody's affirms rating after Novartis deal
(CercleFinance.com) - Moody's Investors Service yesterday confirmed its rating for GlaxoSmithKline, after Britain's biggest pharmaceutical company said it would buy Novartis' stake in their consumer-health joint venture for 13 billion dollars.
"GSK's liquidity post-acquisition will remain strong while the purchase will strengthen its position in the consumer-health sector," said Knut Slatten, an analyst at Moody's.
The agency said the outlook for GSK's A2 rating remains stable, based on the prospects of an improvement in credit metrics by the end of 2019, fuelled by proceeds from asset disposals.
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"GSK's liquidity post-acquisition will remain strong while the purchase will strengthen its position in the consumer-health sector," said Knut Slatten, an analyst at Moody's.
The agency said the outlook for GSK's A2 rating remains stable, based on the prospects of an improvement in credit metrics by the end of 2019, fuelled by proceeds from asset disposals.
Copyright (c) 2018 CercleFinance.com. All rights reserved.