Glaxo's credit rating suffers

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The Independent Online
Glaxo's credit rating suffers

Glaxo, the phamaceutical giant which has won control of Wellcome, has lost its AAA credit rating from Moody's Investors Service. Its long-term debt is rated A1. Moody's said the rating reflected the substantial debt burden Glaxo will take on to complete its £9bn purchase of Wellcome.

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