Moody's rates Pfizer notes Aa1

Moody's Investors Service said it assigned an Aa1 rating to Pfizer Inc.'s new €900 million senior unsecured euro notes due 2014.

The outlook is negative.

The agency said Pfizer's Aa1 rating continues to reflect a strong balance sheet, a healthy level of cash flow relative to debt and the company's relatively conservative financial policies, with share repurchases less than free cash flow.

The negative outlook reflects the difficult patent expiration period between 2010 and 2012, Moody's noted.

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