Fitch affirms Pfizer

Fitch Ratings said it affirmed Pfizer Inc.'s long-term issuer default, senior unsecured debt and bank loan ratings at AA+ and its short-term issuer default rating at F1+.

The outlook remains negative.

The agency said Pfizer has been successful at mitigating the effects of the patent expiry of three of its six top-selling pharmaceuticals since the second quarter of 2006 with the solid performance of medicines launched since 2005 as well as major restructuring initiatives starting in 2005. During this period of patent losses, EBITDA and revenues have stayed at consistent levels.

Fitch said the company is now tasked to counter a period of significant drug patent expiration in 2011/2012, which includes the loss of market exclusivity in 2011 for Lipitor representing 26% of total revenues.

Leverage was about 0.8 times at the end of the third quarter.

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