Moody's rates Amgen loan A2

Moody's Investors Service said it assigned an A2 rating to Amgen Inc.'s new $2.5 billion senior unsecured credit facility due 2012, which replaces Amgen's former $1 billion credit facility.

The outlook is negative.

The new credit facility is expected to support Amgen's commercial paper program, which was recently increased to $2.5 billion from $1.2 billion. The agency noted, however, that Amgen has not maintained any commercial paper balances for the past several years.

Amgen's A2 rating reflects its good profitability, strong cash flow and good liquidity, Moody's said, adding that these factors are offset by revenue concentration and continuing uncertainty surrounding the full extent that Aranesp sales may decline based on ongoing safety questions and reimbursement reductions.

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