Fitch cuts Pfizer, ups Wyeth

Fitch Ratings said that as a result of Pfizer Inc.'s completed acquisition of Wyeth for about $67 billion, the agency has downgraded Pfizer's issuer default rating to AA- from AA and senior unsecured debt and bank loan ratings to AA- from AA. Its short-term issuer default rating remained F1+ and commercial paper rating at F1+.

Fitch also said it upgraded Wyeth's issuer default rating to AA- from A- and senior unsecured debt and bank loan ratings to AA- from A-.

The outlook is stable.

The Wyeth purchase aids in mitigating the revenues gap arising from the looming patent expiration in November 2011 of Pfizer's - and the world's - highest-selling pharmaceutical, Lipitor, Fitch said.

The key uncertainty is Pfizer's priority for capital deployment, the agency said.

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