Fitch affirms Merck

Fitch Ratings said it affirmed the ratings for Merck & Co. as follows: issuer default rating at AA, senior unsecured at AA , bank loan at AA and commercial paper at F1+.

The outlook remains negative.

Fitch noted Merck faces a host of business risks, most notably potential revenue and cash flow losses due to U.S. patent expirations of key products in the intermediate-term and litigation exposure arising from Vioxx product liability.

The agency added Merck's intellectual property position will be significantly compromised in the 2006-2008 timeframe beginning with the U.S. base patent expirations of Zocor and Proscar in June.

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