S&P assigns Pfizer notes A+

S&P Global Ratings said it assigned an A+ rating to Pfizer Investment Enterprises Pte. Ltd.'s senior unsecured notes, to be issued in several tranches. Pfizer Investment is a financing subsidiary of Pfizer Inc. with no significant assets and is restricted from acquiring assets. Pfizer Inc. will guarantee the d notes.

Pfizer Inc.’s A+ ratings are unchanged.

The company plans to use the proceeds to fund the acquisition of Seagen.

“The acquisition of Seagen adds a portfolio of commercial products and a pipeline in oncology. It also leverages Pfizer's existing oncology infrastructure. However, it will raise leverage materially. Our ratings already incorporate an expectation that Pfizer would be acquisitive, but that leverage would not be sustained above 2.5x,” S&P said in a press release.

The outlook is stable.

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