Fitch affirms AstraZeneca

Fitch Ratings said it has affirmed AstraZeneca plc's senior unsecured and issuer default ratings at AA+ and its short-term rating at F1+.

The outlook is stable.

Fitch said the ratings reflect AstraZeneca's strong product portfolio, which included 10 blockbuster drugs (with sales above $1 billion) at fiscal year-end 2005, its good patent-protection profile, its solid presence in the U.S. market, as well as its large net cash position.

Negative rating factors include the company's relatively modest phase 3 product pipeline and its rolling share repurchase program, combined with significant prospective cash outflows to Merck & Co.

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