AstraZeneca ratings cut to 'AA' from 'AA+' after MedImmune bid, says Fitch |
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Published
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Tue, 24 Apr 2007 11:22
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LONDON (Thomson Financial) - Fitch Ratings downgraded UK-based pharmaceuticals company AstraZeneca PLC's senior unsecured and issuer default ratings to 'AA' from 'AA+' and placed them on negative watch after the company announced its plan to buy US drug maker MedImmune for 15.2 bln usd.Fitch said it expects to resolve the watch status after the company clarifies it funding strategy and confirm that the acquisition will go ahead and regulatory clearances are given.The ratings agency said AstraZeneca is expected to remain in a debt position during the next few years despite its strong cash flow generation, due to its 4 bln usd share repurchase programme this year along with the cash outflow of 3.3 bln usd in 2008 for the Merck obligation.Fitch, however, affirmed the short-term rating of the company at 'F1+'.Earlier today, Moody's had placed the 'A2' long-term senior unsecured ratings of the company under review for possible downgrade, while S&P placed its ratings on negative watch.TFN.newsdesk@thomson.comypv/akuCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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AstraZeneca on negative watch after MedImmune bid, says S&P 