Moody's affirms Pfizer

Moody's Investors Service said it affirmed the Aaa/Prime-1 ratings of Pfizer Inc. and assigned a Prime-1 rating to the new commercial paper program of Pfizer Investment Capital plc and Pfizer.

Both entities are authorized to issue commercial paper under this program. This is the first time Moody's has rated Pfizer Investment and it issued only a short-term rating.

The program, in combination with off-shore cash and investment, should allow Pfizer to fund repatriation of $36.7 billion of foreign earnings as part of its strategy under the American Jobs Creation Act of 2004, the agency said.

The outlook on Pfizer remains negative because of pressure on the Aaa long-term rating, while the outlook on Pfizer Investment is stable.

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