Moody's cuts Amgen

Moody's Investors Service said it downgraded the senior unsecured rating of Amgen Inc. to Baa1 from A3 while affirming the Prime-2 short-term rating.

At the same time, Moody's said it assigned a rating of Baa1 to Amgen's new senior unsecured note offering, the proceeds of which will be used to repurchase common shares and for general corporate purposes.

"The downgrade to Baa1 from A3 reflects Amgen's more aggressive financial policies, expected to result in a large increase in debt over the next several years," Michael Levesque, Moody's senior vice president, said in a news release.

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