Moody's: Amgen view negative

Moody's Investors Service said it revised the outlook on Amgen Inc. to negative from stable.

The agency also said it affirmed its A3 senior unsecured rating, provisional A3 senior unsecured shelf rating, provisional Baa1 subordinated shelf rating, provisional Baa2 preferred shelf rating and prime-2 commercial-paper rating.

The outlook revision follows Amgen's new $10 billion share repurchase authorization and its stated intention to accelerate repurchases, Moody's said.

Although the exact timing and funding of repurchases has not been determined, the agency said it believes there is a possibility Amgen's key credit metrics will fall outside the ranges currently assumed in the A3 rating.

The ratings reflect the company's strong position as the world's largest stand-alone biotechnology company, its high margins and its good cash flow, Moody's said.

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