Fitch affirms Amgen

Fitch Ratings said it has affirmed Amgen Inc.'s issuer default ratings and debt ratings as follows: long-term issuer default rating at A; short-term issuer default rating at F-1; senior unsecured debt at A; bank borrowings at A; and commercial paper at F-1.

The outlook is stable.

According to Fitch, Amgen's liquidity is very strong and is provided by full capacity under $2.3 billion of credit facilities as well as improving free cash flow generation.

Estimated free cash flow significantly increased to $5.3 billion, and free cash flow margin was 35% in 2008, up from $4.13 billion and 28% in 2007, bolstered by capital preservation efforts, Fitch said.

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