S&P ups Wyeth

Standard & Poor's said it raised its corporate credit and senior unsecured debt ratings on Wyeth to A+ from A.

At the same time, S&P said it affirmed its A-1 short-term corporate credit and commercial paper ratings on Wyeth and removed all ratings from CreditWatch, where they were placed on March 22, with positive implications, reflecting the company's strengthening business risk profile.

The outlook is stable.

The agency said that the strong investment-grade rating on Wyeth reflects the company's diverse portfolio of high-margin pharmaceuticals, limited exposure to drug patent expirations over the next several years, a near-term product pipeline that has several promising prospects and the company's strong cash-generating capability.

These factors are slightly offset by ongoing developments in product liability litigation, S&P noted.

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