Fitch lowers Pfizer

Fitch Ratings said it downgraded Pfizer, Inc.'s long-term issuer default rating to A from A+ and assigned a negative outlook, following the closing of the Array BioPharma acquisition.

The rating was removed from rating watch negative.

Fitch said it believes that the Array acquisition makes strategic sense, as it increases Pfizer's presence in oncology.

However, it pressures the financial profile and increases leverage, the agency noted.

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