Moody’s rates Pfizer notes A1

Moody’s Investors Service said it rated Pfizer Investment Enterprises Pte. Ltd.’s new senior unsecured notes A1. Pfizer Inc. guarantees the notes.

Pfizer’s other ratings, including its A1 senior unsecured rating, are unchanged.

Pfizer plans to use the proceeds to help pay for its purchase of Seagen Inc. The notes, other than a 2063 tranche, include a special mandatory redemption feature requiring Pfizer to redeem the notes if it does not close the Seagen deal by a specified date. The acquisition is subject to regulatory and other approvals and is expected to close in late 2023 or early 2024.

The outlook remains negative.

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