Moody’s applies A1 to Pfizer notes

Moody's Investors Service said it assigned an A1 rating to new senior unsecured euro-denominated notes being offered by Pfizer Inc.

The outlook is stable.

There are no changes to the company’s existing ratings, including its A1 senior unsecured rating and Prime-1 commercial paper rating.

Proceeds from the note offering will be used for general corporate purposes, including repaying a portion of outstanding commercial paper.

Moody’s said the A1 senior unsecured rating reflects Pfizer’s position as one of the world's largest pharmaceutical companies, strong diversity, high profitability, and strong cash flow.

The company has a conservative capital structure, with over $20 billion of cash and investments and gross debt/EBITDA of about 2.2 times.

“Key branded products like Eliquis and Lyrica will continue to grow. So too will prostate cancer drug Xtandi and breast cancer drug Ibrance. Including the impact of products facing generic competition, Pfizer will grow earnings in the low single digits,” Moody’s said in a news release.

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