Moody's rates Pfizer notes A1

Moody's Investors Service said it assigned an A1 rating to the new senior unsecured notes issued by Pfizer Inc.

There are no changes to Pfizer's existing ratings, including the A1 senior unsecured rating and the prime-1 commercial-paper rating.

The outlook remains stable.

The proceeds will be used general corporate purposes, including the repayment of existing debt obligations, the agency said.

The ratings reflect the company's position as one of the world's largest pharmaceutical companies, strong diversity, high profitability and robust cash flow, Moody's said.

Pfizer has a conservative capital structure with close to $20 billion of cash and investments and gross debt-to-EBITDA ratio of less than 3x, including a large U.S. tax liability on foreign earnings, the agency said.

The stable outlook reflects expectations for low single-digit growth, high cash levels and debt-to-EBITDA ratios sustained at less than 3x, Moody's said.

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