Fitch rates Amgen notes A

Fitch Ratings said it assigned an A rating to Amgen Inc.'s proposed $1.5 billion debt issuance comprising 10- and 30-year unsecured notes. The proceeds are expected to be used for general corporate purposes, including debt repayment.

The company has an issuer default rating of A, senior unsecured debt of A, bank loan rating of A, short-term issuer default rating of F1 and commercial paper rating of F1.

The outlook is stable.

The company's credit profile is supported by solid liquidity provided by improving free cash flow and a $2.3 billion revolving credit facility due November 2012, Fitch said.

The company has strengthened free cash flow generation over the past two years as a direct result of capital preservation efforts, the agency said.

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