Fitch: AstraZeneca negative

Fitch Ratings said it has revised AstraZeneca plc's outlook to negative from stable. Its long-term issuer default rating and senior unsecured rating have been affirmed at AA- and its short-term issuer default rating at F1+.

The change in the outlook reflects the negative sales and operating profit trend over the last year due to loss of exclusivity on key products, the agency stated.

As a result of past and upcoming key expiries, AstraZeneca's pipeline is under pressure to bring the company back to a growth phase, Fitch noted.

The negative outlook reflects its expectations that AstraZeneca will continue making bolt-on pipeline acquisitions leading to erosion in its credit protection measures and Fitch does not expect these acquisitions to deliver any material contribution to the top-line results before 2015-2016.

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