Moody’s gives AbbVie notes Baa2

Moody's Investors Service said it assigned a Baa2 rating to the new senior unsecured notes issuance of AbbVie Inc.

There are no changes to the existing ratings of AbbVie, including the Baa2 senior unsecured long-term rating or the Prime-2 commercial paper rating, the agency said.

The outlook remains stable.

Proceeds of the offering are for general corporate purposes, including the repayment of $3 billion of debt maturing in November.

The agency said the Baa2 rating reflects the company’s large scale with annual revenue approaching $30 billion, its high margins and its robust cash flow.

Moody’s said these strengths are supported by the lucrative Humira franchise – the world's top-selling pharmaceutical product.

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