TEXT-S&P summary: GlaxoSmithKline PLC

Sept 28 -

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Summary analysis -- GlaxoSmithKline PLC --------------------------- 28-Sep-2012

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CREDIT RATING: A+/Stable/A-1 Country: United Kingdom

Primary SIC: Pharmaceutical

preparations

Mult. CUSIP6: 37733W

Mult. CUSIP6: 377340

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Credit Rating History:

Local currency Foreign currency

18-Feb-2008 A+/A-1 A+/A-1

21-Dec-2000 AA/A-1+ AA/A-1+

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Rationale

The ratings on U.K.-based GlaxoSmithKline PLC (GSK) reflect Standard & Poor's Ratings Services' view of the group's "excellent" business risk profile. This is based on GSK's strong position in the highly profitable global pharmaceuticals industry, efficient research and development infrastructure (supporting well-stocked late stage pipeline), and continuing product and geographic diversification.