Fitch affirms Amgen

Fitch Ratings said it affirmed Amgen Inc.'s ratings as follows: issuer default rating at A; senior unsecured debt at A; bank loan at A; short-term issuer default rating at F1; and commercial paper at F1.

Simultaneously, Fitch said it has assigned an A rating to Amgen's proposed $1 billion debt issuance.

Proceeds of the new debt are expected to be used for general corporate purposes, including debt repayment, the agency said.

The outlook is stable.

Fitch noted that Amgen's credit profile is supported by solid liquidity provided by improving free cash flow and a $2.3 billion revolving credit facility due Nov. 2012.

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