Abbott Laboratories (ABT) Credit Rating Cut to 'BBB' from 'A+' at S&P Following St. Jude Closing
S&P Global Ratings today lowered its corporate credit and senior unsecured debt ratings on Abbott Laboratories (NYSE: ABT) to 'BBB' from 'A+'. The ratings remain on CreditWatch, where they were placed with negative implications on Feb. 1, 2016, following the announcement of the Alere Inc. acquisition.
At the same time, we lowered our short-term corporate credit and commercial paper ratings on Abbott to 'A-2' from 'A-1+' and maintained the ratings on CreditWatch with negative implications.
"The rating actions follow Abbott's close of its nearly $25 billion debt and equity-financed acquisition of medical device manufacturer St. Jude Medical," said S&P Global Ratings credit analyst Arthur Wong. The CreditWatch status reflects the pending roughly $8.4 billion acquisition of medical diagnostics company Alere Inc.
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