Fitch affirms AstraZeneca

Fitch Ratings said it affirmed AstraZeneca plc's long-term issuer default rating at AA- and its short-term issuer default rating at F1+.

The outlook remains stable.

The agency said AstraZeneca's ratings are supported by its strong market position within the global pharmaceutical industry; its solid product portfolio, including 11 blockbuster drugs with sales above $1 billion; its significant presence in the U.S. market; and its solid patent expiry profile, with the next major U.S. expiry (Arimidex) not due until December 2009.

Negative rating factors include increased leverage following the $15.6 billion MedImmune acquisition in 2007 and the much-improved but still relatively modest phase III product pipeline, Fitch said.

AstraZeneca's 2007 lease-adjusted net debt-to-EBITDAR ratio was 1x.

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