Fitch rates Pfizer notes A+

Fitch Ratings said it assigned an A+ rating to Pfizer's senior unsecured euro notes offering.

The proceeds will be used for general corporate purposes, including the repayment of a portion of the company's commercial-paper borrowings, Fitch said.

Despite an expectation that Pfizer will continue to generate stable operating performance and significant free cash flow, leverage remains strained, stemming from acquisitions and share repurchases, the agency said.

The company's net cash outlays for acquisitions and share repurchases were roughly $22.5 billion during 2016, while free cash flow was $6.8 billion, Fitch explained.

As a result, Pfizer currently has little to no flexibility to increase leverage further within the A+ rating category, the agency said.

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