Moody's affirms Pfizer

Moody's Investors Service said it affirmed the Aaa/Prime-1 ratings of Pfizer Inc. and Pfizer Investment Capital plc. The outlook remains negative.

The rating affirmation reflects Moody's current belief that despite the dividend increase, Pfizer is more likely than not to sustain credit ratios in 2006 and beyond consistent with the Aaa rating category.

Moody's said it believes that Pfizer has the discipline to reduce discretionary share repurchases in periods where cash flow is affected by patent expirations, acquisitions or any other large cash uses.

The rating affirmation also continues to reflect the agency's assessment of Pfizer's late stage pipeline, which remains robust even after several disappointments in 2005.

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