Fitch assigns Pfizer notes AA

Fitch Ratings said it has assigned an AA rating to Pfizer Inc.'s proposed public issuance of senior unsecured euro- and pound-based notes comprising four tranches.

The debt offering comprises four-year, seven-year and 12-year euro-denominated notes as well as 29-year pound-based notes, Fitch said, adding that proceeds from the senior unsecured debt are expected to be used for general corporate purposes and to partially finance the acquisition of Wyeth.

According to the agency, Pfizer's credit ratings are as follows: long-term issuer default rating AA; senior unsecured debt rating AA; bank loan rating AA; short-term issuer default rating of F1+; and Commercial paper F1+.

The agency added that Pfizer's credit profile will be pressured by the incremental debt used to complete the Wyeth transaction.

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