S&P; Lowers Merck Debt Rating by 3 Levels
From Associated Press
A third major debt-rating firm stripped Merck & Co. of its top credit grade, lowering the drug maker’s classification by three notches amid concerns stemming from its recall of the arthritis drug Vioxx.
Standard & Poor’s Ratings Services lowered Merck’s corporate credit and senior unsecured debt ratings from AAA to AA-minus.
Last week Moody’s Investors Service lowered Whitehouse Station, N.J.-based Merck’s Aaa rating on its long-term debt -- about $4.4 billion -- by two notches, to Aa2, and Fitch Ratings downgraded Merck’s senior unsecured and bank loan ratings from AAA to AA.
Shares of Merck rose 39 cents to $27.48 on the NYSE.
