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Moody's Downgrades Glaxosmithkline Plc Credit Outlook-Reuters


Monday, 29 Jul 2013 12:56pm EDT 

Reuters reported that Glaxosmithkline Plc, suffered a fresh setback on July 29, 2013 when Moody's Investors Service cut its credit outlook for the British drugmaker on concerns about cash outflows. Moody's said the reduction in the long-term A1 rating to negative from stable was not triggered by the situation in China, where analysts believe GSK may face fines following allegations that up to 3 billion yuan ($489 million) was funnelled through travel agencies to facilitate bribes. GSK's CEO told Reuters in June that he had a low appetite for further acquisitions and divestments would far exceed the cost of buying businesses as the Company slims down ready for a wave of its new medicines to reach the market. Moody's said GSK's financial profile had been hurt by its debt-financed acquisition of Human Genome Sciences last year, as well as legal settlements linked to past investigations and its policy of continuing to make share buybacks. 

Company Quote

45.49
0.35 +0.78%
4:04pm EDT