Fitch affirms Merck

Fitch Ratings said it affirmed Merck & Co.'s ratings as follows: issuer default rating at AA-, senior unsecured at AA-, bank credit facility at AA- and commercial paper F1+.

The outlook is stable.

The agency said that the rating action follows Merck's announcement of a proposed settlement for the majority of pending Vioxx product liability cases pertaining to myocardial infarction and ischemic stroke in the United States.

The settlement, which is fixed at $4.85 billion, is not a class action settlement, Fitch noted, adding that the settlement requires a number of gates that each individual must pass through to receive damage awards as well as the requirement that plaintiffs' counsel submit all cases for consideration.

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