S&P rates Pfizer notes AAA

Standard & Poor's said it assigned an AAA rating to Pfizer Inc.'s european securities of €1.85 billion notes due 2013, €2.00 billion notes due 2016, €2.00 billion notes due 2021 and £1.50 billion notes due 2038.

Rates will be determined by market interest.

These ratings are placed on CreditWatch with negative implications.

Proceeds will be used to provide a portion of the funding for the pending $68 billion acquisition of Wyeth (A+/Watch positive/A-1) that requires over $22 billion of total borrowing.

"The rating assignment and CreditWatch listing primarily reflect Pfizer's current minimal financial risk profile and the expectation that the acquisition of Wyeth will not permanently increase that risk," S&P analyst David Lugg said in a statement.

The acquisition demonstrates, however, a greater willingness to use substantial debt financing to achieve corporate goals than assumed, the agency noted.

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