Moody’s applies A1 to Pfizer notes

Moody's Investors Service said it assigned a rating of A1 to the new senior unsecured note offering of Pfizer Inc.

There are no changes to the company’s existing ratings and the outlook remains stable.

Proceeds will be used to fund a tender offer for Pfizer's 6.2% senior notes due 2019 as well as for general corporate purposes.

Moody’s said the A1 senior unsecured rating reflects Pfizer's position as one of the world's largest pharmaceutical companies, its strong diversity, high profitability and strong cash flow. Pfizer has a conservative capital structure, with over $20 billion of cash and investments post-Medivation, and gross debt/EBITDA of about 2.2 times.

© 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.