Moody's rates Amgen notes A2

Moody's Investors Service said it assigned a rating of A2 to the new $2 billion senior unsecured note offering of Amgen Inc., which includes $1 billion of notes due 2009 and $1 billion of note due 2014.

The outlook is positive.

Amgen has stated that proceeds of the note offering are primarily for share repurchases and for general corporate purposes including capital expenditures and working capital.

Moody's said Amgen's A2 ratings reflect its position as one of the 20 largest pharmaceutical companies, and the world's largest biotechnology company. Amgen generates very strong free cash flow after capital expenditures, benefiting from strong operating profitability and the absence of a shareholder dividend.

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