S&P: Amgen on watch

Standard & Poor's said it placed its A+ corporate credit and senior unsecured ratings on Amgen Inc. on CreditWatch with negative implications in light of the increasing uncertainty over the prospects for its top selling drug, Aranesp.

The A-1 commercial paper rating is affirmed and not on CreditWatch, the agency said.

In addition, S&P said it assigned its A+ rating to $4 billion of senior unsecured debt to be placed by Amgen in three tranches, to be determined by market interest, in reliance on Rule 144A.

The agency added that the ratings on these issues are also placed on CreditWatch with negative implications and that the majority of the proceeds of this debt will be used to fund an existing share repurchase program.

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