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Moody’s reviews Pfizer for downgrade
Moody's Investors Service said it is reviewing Pfizer Inc. for a possible downgrade.
The action takes place following Pfizer’s decision to divest its Upjohn segment in a transaction with Mylan NV.
“Although the Upjohn separation is likely to be leverage neutral, the review for downgrade is prompted by other aspects of the transaction that are credit negative,” said Michael Levesque, Moody's senior vice president, in a press release.
“These include a reduction in Pfizer’s scale and product diversity, and a significant reduction in free cash flow,” continued Levesque.
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