Anti Lemming : AAA-Rating gefährdet
Moody's affirms Pfizer's rating, but cuts outlook (PFE) By Tomi Kilgore
NEW YORK (CBS.MW) -- Moody's Investors Service affirmed Pfizer's (PFE) "Aaa" rating, but cut the outlook to "negative" from "stable" after the company's Celebrex drug demonstrated increased cardiovascular event risk in a long-term cancer trial. Although the results appeared inconsistent with findings from earlier studies, Moody's is concerned over the increased possibility that Celebrex will be withdrawn from the U.S. market, that the use of Celebrex might decline and the company's exposure to product safety litigation might rise. "These concerns come at a time when Pfizer, like many other drug companies, is facing higher exposure to patent expirations, with some 30 to 35 percent of its revenue coming of patent through the year 2007," Moody's said. The stock, a component of the Dow industrials, was last down $3.73, or 13 percent, at $25.25.