Abbott ratings affirmed by Fitch |
|
|
|
Published
:
Fri, 19 Jan 2007 23:05
|
NEW YORK (AFX) - Fitch Ratings affirmed several of Abbott Laboratories' ratings Friday, citing the company's move to sell its diagnostics business to General Electric Co. for $8.13 billion.Fitch reaffirmed 'AA-' ratings for the company's issuer default rating, bank loan and senior unsecured debt. The company's commercial paper rating was reaffirmed at 'F1+,' and the rating outlook is 'Stable.' The affirmations account for $9.45 billion in unsecured securities and commercial paper.'Fitch believes that some proceeds from the transaction, which is expected to close in the first half of 2007, will be used to reduce leverage that increased from incremental debt used to complete the acquisitions of Guidant Corp.'s vascular intervention and endovascular solutions business and Kos Pharmaceuticals during 2006,' read a statement by Fitch.Shares of Abbott rose 73 cents to close at $53.52 on the New York Stock Exchange and shares of GE fell $1.05, or 2.7 percent, to close at $36.95 on the NYSE.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
|
|
|
|
Print this Story
Fitch affirms Cablevision's ratings 