S&P applies AA to Pfizer notes

Standard & Poor's said it assigned its AA issue-level rating Pfizer Inc.'s proposed offering of up to $1.75 billion unsecured notes.

The rating is the same as the rating on Pfizer's existing unsecured notes.

The planned note issuance consists of $550 million 6.05% notes due 2017, $350 million 5.2% notes due 2020, $350 million 5.8% notes due 2023 and $500 million 5.6% notes due 2040. The company plans to offer to exchange these notes for notes with similar terms issued by Hospira Inc., which Pfizer recently acquired.

Pfizer’s corporate credit rating is AA with a stable outlook. Its short-term rating is A-1+.

S&P said the ratings reflect its expectation that the company's financial risk profile will remain "minimal," reflecting leverage that it expects to remain comfortably below 1.5 times. The agency’s assessment that Pfizer has an "excellent" business risk profile reflects its product diversity, global presence 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.