S&P: Pfizer on watch

Standard & Poor's said it placed its AAA corporate credit and senior unsecured debt ratings for Pfizer Inc. on Creditwatch with negative implications, in light of the company's agreement to acquire A+ rated Wyeth.

The A-1+commercial paper rating on the company was affirmed and is not on Creditwatch, the agency added.

In addition, S&P said it placed its A+ corporate credit, A+ senior unsecured, and A-1 commercial paper ratings for Wyeth on Creditwatch with positive implications.

According to the agency, the transaction, valued by the company at about $68 billion, will be a largely cash purchase under the proposed terms.

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