Moody's affirms Gilead

Moody's Investors Service said it affirmed the ratings of Gilead Sciences, Inc., including the Baa1 senior unsecured rating. The affirmation follows the announcement that Gilead will acquire Pharmasset, Inc. for about $11 billion in cash.

The outlook remains stable.

Moody's said the affirmation of Gilead's rating reflects good long-term potential from the Pharmasset acquisition and the expectation that Gilead can restore strong credit metrics less than two years after the transaction based on the strength of its underlying business.

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