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Fitch rates Wyeth converts A-
Fitch Ratings has assigned an A- rating to Wyeth's public issuance of $2.5 billion of unsecured senior notes and an A- rating to the company's private issuance of $850 million of convertible senior debentures due 2024.
The outlook is negative.
Proceeds from the proposed senior unsecured debt and convertible debentures are expected to be used to fund a tender offer on any or all of Wyeth's 7.9% senior notes due 2005 and to redeem all of its 6.25% senior notes due 2006, with the remaining balance to be used for general corporate and working capital purposes.
Fitch said Wyeth's rating reflects the strong growth and solid intellectual property position of the company's core drug portfolio, specifically Protonix, Effexor, Prevnar, Enbrel and Zosyn.
Mitigating the positive impact of the core drug portfolio to Wyeth's credit profile are the significant risks associated with the Pondimin/Redux litigation and the continued loss in revenues and earnings from the Premarin product franchise.
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