Moody's rates Amgen notes A3

Moody's Investors Service said it assigned a rating of A3 to Amgen Inc.'s new senior unsecured note offering due 2016, 2021 and 2042.

The proceeds will be used for general corporate purposes.

The outlook is stable.

The rating reflects its good competitive position as the largest stand-alone biotechnology company, its strong profitability and cash flow and its low exposure to near-term patent expirations relative to more traditional pharmaceutical companies, Moody's said.

The rating also reflects Amgen's high product concentration risk as well as near-term regulatory and competitive challenges affecting certain core products, the agency said.

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