Fitch rates Pfizer notes AAA

Fitch Ratings said it assigned an AAA rating to the new €900 million 4¾% senior unsecured notes due 2014 of Pfizer Inc. (AAA).

The outlook is stable.

Proceeds from the new debt will be used for general corporate purposes.

The agency said Pfizer maintains solid liquidity provided by a cash balance and short-term investments totaling $22.3 billion at the end of the third quarter, a $12 billion commercial paper program and $3.6 billion of lines of credit.

Fitch said it is concerned with Pfizer's intellectual property position after the end of the decade, when the company's top-selling drug, Lipitor, loses market exclusivity.

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