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Fitch gives Sanofi-Aventis AA- senior rating
Fitch Ratings said it has assigned Sanofi-Aventis SA a senior unsecured rating of AA- and a short-term rating of F1+.
The outlook is stable.
Fitch said the ratings reflect Sanofi-Aventis' excellent market position as the third largest player in the global pharmaceuticals market, its strong research and development capability and its good product pipeline.
It also reflects the group's relatively small percentage of sales at risk from generic competition, above-average product diversification and large sales force, Fitch said.
Conversely, the ratings are constrained by Sanofi-Aventis' under-representation in the U.S. market and the group's weakened financial profile following the heavily debt-financed acquisition of Aventis in August 2004, Fitch said.
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