Fitch rates Wyeth note A-

Fitch Ratings said it assigned an A- rating to Wyeth's public issuance of $1.5 billion 30-year senior unsecured notes.

The outlook is stable.

Proceeds from the new senior unsecured debt are expected to be used for general corporate and working capital purposes.

The agency said Wyeth's A- ratings reflect its solid operation performance supported by strong revenue growth of the pharmaceuticals business, particularly with the products Enbrel and Prevnar. EBITDA margins have improved steadily since 2004, the company has been able to sustain positive free cash flow since 2004 despite significant operating cash flows devoted to resolving diet drug product liability claims and in 2006, EBITDA-to-interest incurred was 10.8x, EBITDA margin was 30.3% and the total debt-to-EBITDA ratio was 1.5x.

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