Fitch assigns Abbott notes AA-

Fitch Ratings said it assigned an AA- rating to Abbott Laboratories' proposed public issuance of $3.0 billion of senior notes.

The notes will be offered in three tranches with, five-year, 10-year and 30-year terms, the agency said.

The outlook is negative.

Fitch said it rates Abbott as follows: issuer default rating AA-, bank loan debt AA-, senior unsecured debt AA- and commercial paper rating F1+.

Proceeds from the proposed senior unsecured debt are expected to be used to pay down outstanding commercial paper borrowings that were used to finance the purchase of Kos Pharmaceuticals, Inc. in December of 2006, the agency said.

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