Moody's cuts Pfizer view to negative

Moody's Investors Service said it affirmed the Aa1/Prime-1 ratings of Pfizer Inc. but revised the outlook to negative from stable following Pfizer's third-quarter earnings report.

The agency said the outlook change reflects the $2.8 billion write-down of Exubera assets based on a decision to discontinue the product, continuing pressure on U.S. Lipitor sales and market share and the approaching loss of U.S. exclusivity for Lipitor in either 2010 or 2011.

The affirmation of Pfizer's Aa1 rating continues to reflect a strong balance sheet and Aaa levels of cash flow relative to debt, Moody's said.

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