S&P upgrades Zoetis, debt to BBB-

S&P said it raised Zoetis Inc.’s corporate credit rating and senior unsecured debt rating to BBB from BBB-.

The outlook is stable.

"The rating action reflects our view that Zoetis' business risk has improved over the past year, and at a faster pace than we expected," S&P credit analyst Maryna Kandrukhin said in a news release.

The company has proven its solid ability to operate as a stand-alone entity, four years after its official spin-off from Pfizer Inc., the agency added.

Zoetis significantly outperformed S&P’s base case while simultaneously progressing through a restructuring, completing both its separation from Pfizer and a successful integration of the Pharmaq acquisition.

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