TEXT-Fitch on global pharmaceuticals sector credit factors

Tue Nov 13, 2012 10:10am EST

Nov 13 - Link to Fitch Ratings' Report: Pharmaceuticals Sector Credit Factor
CompendiumNov 13 - Fitch Ratings has published a special report entitled
'Pharmaceuticals Companies Sector Credit Factor Compendium', as part of its
ongoing series of Sector Credit Factors reports that show how the agency applies
its corporate rating methodology to corporate sub sectors.

The report illustrates how the various sector credit factors contained within
Fitch's approach to rating global pharmaceuticals companies, published on 3
November 2012, are applied to fifteen point-in-time examples from the agency's
portfolio of publicly-rated companies.

Issuers covered in the compendium report include Johnson&Johnson Inc., Novartis
AG, Roche Holding Ltd, Sanofi SA, AstraZeneca Plc., Merck & Co., Pfizer Inc.,
GlaxoSmithKline Plc, Allergan Inc., Abbott Laboratories, Eli Lilly &
Co.,Bristol-Myers Squibb, Inc., Bayer AG, Amgen Inc., and Watson Pharmaceuticals

The report is available at www.fitchratings.com or by clicking the link above.

Additional information is available on www.fitchratings.com.
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