Moody's rates Gilead notes Baa1

Moody's Investors Service said it assigned a Baa1 rating to the new $1 billion of senior notes issued by Gilead Sciences, Inc.

The outlook is stable.

Proceeds of the offering are expected to be used for general corporate purposes.

The rating reflects Gilead's market leadership in HIV pharmaceutical products, its strong free cash flow and its healthy balance sheet, Moody's said.

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, the agency added.

The rating also reflects extremely high revenue concentration by product and by therapeutic category, Moody's said.

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