Moody's gives Amgen notes A3

Moody's Investors Service said it assigned a rating of A3 to the new senior unsecured note offering of Amgen, Inc.

Proceeds from the note offering are expected to be used for general corporate purposes, including working capital, debt repayment and share repurchases, the agency added.

The outlook is stable.

Amgen's A3 rating reflects strong levels of cash flow relative to debt, benefiting from cost restructuring, working capital efficiency and a reduction in capital expenditures, Moody's noted, adding that the rating also reflects Amgen's currently healthy Aa level of cash coverage of debt, arising from limited share repurchases or acquisitions during 2008.

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