Pfizer debt rating downgraded

As a further consequence of the termination of Pfizer's lead drug candidate, torcetrapib (Marketletter December 11, 2006), rating agency Moody's has lowered its debt rating on the firm. The agency cut the drug giant's long-term debt rating to "Aa1," its second-highest rank, from "Aaa," its highest. While the downgrade removes Pfizer from a very short list of top-rated companies and might cost it a small amount with regard to the terms of its debt financing, the downgrade might actually be good news for investors, comments BullMarket.com.