S&P puts Wyeth rating on watch positive |
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Thu, 22 Mar 2007 21:30
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NEW YORK (AP) - Standard & Poor's Ratings Services said Thursday it placed drug developer Wyeth's rating on CreditWatch with positive implications.S&P also assigned an upper medium grade rating to the company's offering of $1.5 billion in senior unsecured notes due 2037.'The CreditWatch listing reflects Wyeth's strengthening business profile, with its upcoming schedule of new drug launches, and the possibility that the company's long-running diet drug litigation saga is finally nearing its end,' said S&P credit analyst Arthur Wong. 'We believe a one-to-two-notch raising of the corporate credit rating is possible.'Earlier in the day, Moody's Investors Service also assigned an upper medium grade rating to Wyeth's notes offering.Shares of Wyeth rose 52 cents to close at $50.86 on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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