S&P rates Pfizer notes AA

Standard & Poor's said it assigned its AA issue-level rating to Pfizer Inc.'s proposed offering of senior unsecured notes in several tranches, which are being offered under a previously filed S-3 shelf filing.

S&P's existing ratings on Pfizer, including the AA corporate credit rating and A-1+ rating on the company's commercial paper, are unchanged. The outlook remains stable.

The ratings are not reflecting any impact from the proposed AstraZeneca merger. The company intends to use the bulk of the proceeds to refinance existing debt and to prefund some upcoming maturities.

S&P said the rating reflects its expectation that the financial risk profile of this U.S. pharmaceutical company will remain "minimal" given its very low leverage. S&P's view that Pfizer has an "excellent" business risk profile reflects its product diversity, stronger pipeline, lower expense base and excellent profitability.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.