Moody’s assigns A1 to Pfizer notes

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

There are no changes to Pfizer's existing ratings, including the A1 senior unsecured long-term ratings or the Prime-1 commercial paper rating.

The outlook remains stable.

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

Pfizer has a conservative capital structure, with more than $20 billion of cash and investments and gross debt/EBITDA of about 2.3 times for the 12 months ended Oct. 1, the agency noted.

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