Moody's affirms Merck

Moody's Investors Service said it affirmed the ratings of Merck & Co., Inc. including the Aa3 long term rating and the Prime-1 short term rating.

The outlook is negative.

Merck's Aa3 ratings recognize its size and scale in the global pharmaceutical industry, its excellent cash coverage of debt and its strong ratio of cash flow from operations to debt, the agency said.

The rating outlook is negative, primarily reflecting the uncertain magnitude of claims from Vioxx, as well as the challenges of replenishing revenue and cash flow to be lost from the Zocor and Fosamax patent expirations, the agency added.

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