Fitch gives Pfizer notes AA

Fitch Ratings said it has assigned an AA rating to Pfizer Inc.'s proposed public issuance of $13.5 billion of senior unsecured notes, comprising five tranches.

The debt offering comprises two-year floating-rate notes, three-year fixed-rate notes, six-year fixed-rate notes, 10-year fixed-rate notes and 30-year fixed-rate notes, the agency said.

Proceeds from the senior unsecured debt are expected to be used for general corporate purposes and to partially finance the acquisition of Wyeth, the agency noted.

Fitch said it has also placed Pfizer's new notes on rating watch negative, along with the company's other outstanding debt: long-term issuer default rating AA; senior unsecured debt AA; bank loan AA; short-term issuer default rating F1+; and commercial paper F1+.

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