Fitch drops Pfizer

Fitch Ratings said it downgraded the following ratings of Pfizer Inc.'s to AA+ from AAA, including the issuer default rating, senior unsecured debt and bank loan ratings.

Simultaneously, Fitch said it has affirmed the F1+ short-term issuer default rating and CP rating.

The outlook is revised to negative from stable.

According to the agency, Pfizer's rating reflects the company's maturing pharmaceutical product portfolio and an R&D program containing limited promising late-stage drug candidates.

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