Fitch affirms Amgen

Fitch Ratings said it affirmed Amgen Inc.'s issuer default rating at A, senior debt at A, bank loan at A, short-term issuer default rating at F1 and commercial paper at F1.

The outlook is stable.

Amgen's credit profile is highly favored by its very strong liquidity stemming from strong free cash flow generation bolstered by capital preservation efforts over the past three years, according to the agency.

Total adjusted debt leverage rose to 2.1 times at the end of 2010 from 1.7x at the end of 2009 in conjunction with pre-funding debt maturities due in February 2011.

Fitch said it expects the debt load to remain relatively steady after the recent paydown of $2.5 billion of convertible debt that came due in February.

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