S&P rates Pfizer notes AA

S&P said it assigned its AA rating to Pfizer Inc.'s senior unsecured note offering.

The company plans to use the net proceeds for general corporate purposes, including repaying current commercial paper borrowings.

The agency sees the transaction as essentially neutral from an adjusted net leverage perspective.

S&P said Pfizer’s AA corporate credit rating reflects its diverse portfolio of high-margin pharmaceuticals, with particular strengths in neurology, oncology and vaccines.

“To supplement its growth and product pipeline, Pfizer has been very active on the acquisition front, seeking promising late-stage prospects to deepen its near-term product pipeline,” the agency said in a news release.

“Most recently, Pfizer acquired Medivation Inc. for $14.2 billion and Anacor Pharmaceuticals Inc. for $5.2 billion, both in 2016.

“Pfizer's sheer size and diversity also provide a significant competitive advantage.”

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