Moody's rates Wyeth's facility Baa1

Moody's Investors Service said it assigned a Baa1 rating to Wyeth's new $1.35 billion senior unsecured bank credit facility maturing in 2010.

This facility replaces a $1.35 billion facility maturing in March 2006, and Moody's said it is withdrawing the ratings on the March 2006 facility.

At the same time, Moody's said it has updated its liquidity risk assessment of Wyeth, affirming that Wyeth's liquidity remains robust.

Wyeth's ratings continue to reflect its good scale and market position, relatively low product concentration risk and good growth rates in core products including Effexor and Prevnar, Moody's said.

Key credit risks include the uncertain magnitude of remaining diet drug costs, increasing competition in core product categories and potential generic competition, Moody's said.

Wyeth's outlook is developing, pending the execution of the proposed Seventh Amendment, at which time Moody's said it anticipates moving the outlook to stable assuming there are no major negative developments.

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