Fitch drops Pfizer

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

Fitch said it has also placed the company's ratings, including the short-term issuer default rating, on rating watch negative.

The ratings actions follow Pfizer's announcement of its intention to acquire Wyeth, the agency noted.

The agency said that Pfizer announced its intention to purchase Wyeth for $50.19 per share or about $68 billion, including Wyeth stock options, adding that the purchase price represents a 29% premium over Wyeth share price at the end of closing on Jan. 22.

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