Moody's rates Wyeth note A3

Moody's Investors Service said it assigned an A3 rating to Wyeth's $1.5 billion 30-year senior unsecured notes offering and affirmed the company's A3 long-term and Prime-2 short-term ratings.

The outlook remains positive.

Proceeds of the debt offering are expected to be used for general corporate purposes.

The agency said that despite a significant amount of new leverage introduced by the note offering, Wyeth's A3 ratings continue to reflect the company's solid operating performance driven by continued growth in core products, a good combination of low patent exposures and a solid late-stage pipeline and reduced uncertainty related to the cost of resolving diet drug litigation.

Moody's noted that the patent expirations of Effexor XR and Protonix in 2010 will begin to have a dampening effect on Wyeth.

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