S&P: Pfizer unchanged

Standard & Poor's said its ratings on Pfizer Inc. (AAA/stable/A-1+) are unaffected by the company's proposed sale of its consumer products business to Johnson & Johnson (AAA/stable/A-1+).

However, the transaction could add to the company's financial options, at least over the near term. While the unit comprises only about a tenth of Pfizer's sales, the considerable net proceeds from the $16.6 billion transaction would be available to fund share repurchases under an expanded authorization and also would provide greater capacity for investment in its core pharmaceutical operations, the agency noted.

S&P said it believes that Pfizer will balance its share repurchases, against its developing business prospects, in a financial manner consistent with the top-tier rating it has had for many years.

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