Moody's: Gilead notes Baa1

Moody's Investors Service said it assigned a rating of Baa1 to the new senior unsecured note offering of Gilead Sciences, Inc.

The outlook remains stable.

Moody's said Gilead's Baa1 rating reflects its market leadership in HIV pharmaceutical products, its high profit margins and its strong free cash flow.

Gilead enjoys a favorable growth outlook relative to many traditional pharmaceutical companies due to growing use of HIV medicines and the lack of any scheduled patent expirations over the next several years, according to the agency. Furthermore, the hepatitis C drugs in Pharmasset's pipeline appear extremely compelling, and could benefit Gilead's credit profile over the long term.

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