Fitch Ratings has affirmed GlaxoSmithKline's long-term issuer default rating at 'A' with stable outlook.
Fitch has also affirmed the senior unsecured rating at 'A' for the debt issued by GlaxoSmithKline, GlaxoSmithKline Capital and GlaxoSmithKline Capital Inc.
Fitch said the affirmation reflected its expectation that GSK's leverage should remain at the top end compatible with its rating.
At the same time, Fitch said it recognised that GSK has significant financial flexibility and various strategic options including possible divestments, changes in its capital allocation policy and the structuring of potential acquisitions.
It also said the current 'A' rating was supported by GSK's scale, good geographical diversification, and range of treatment areas relative to sector peers.
At 9:22am: (LON:GSK) GlaxoSmithKline PLC share price was -8.25p at 1343.25p