S&P rates Merck notes AA-

Standard & Poor's said it assigned AA- senior unsecured debt ratings to Merck & Co. Inc.'s $250 million senior-unsecured notes due 2011 and $500 million senior-unsecured notes due 2036 and affirmed the company's corporate credit and senior unsecured ratings at AA- and commercial paper rating at A-1+.

The outlook remains negative.

The agency said Merck's strong investment-grade ratings reflect the company's continued very diverse and profitable business profile, cash flow generation in excess of current needs and very conservative financial position and policies.

The ratings also incorporate Merck's challenge to revitalize its product pipeline and the uncertain magnitude and timing of Vioxx-related litigation, S&P added.

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