Fitch changes Pfizer outlook to stable

Fitch Ratings said it changed its outlook for Pfizer, Inc. to stable from positive and affirmed Pfizer’s, Wyeth LLC's and Pharmacia Corp.'s (collectively, Pfizer) ratings, including their A issuer default ratings.

“The outlook revision reflects Pfizer's announcement that it intends to acquire Seagen Inc. (Seagen) for roughly $43 billion in cash, which will be partly funded with $31 billion of long-term debt issuance. Fitch believes the transaction could stress EBITDA leverage (total debt/EBITDA) in the intermediate term,” the agency said in a press release.

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