Fitch rates Eli Lilly notes A

Fitch Ratings said it assigned an A rating to Eli Lilly & Co.'s notes offering.

The company expects to use the net proceeds to repay commercial paper issued in connection with its acquisition of Novartis AG's animal health business on Jan. 1 and any remainder for general corporate purposes.

Fitch believes Ei Lilly will maintain a credit profile supportive of its A rating despite the increased debt (to help fund the acquisition). However, Lilly will be left with only modest financial flexibility through 2015 given the expected increase in leverage during that period, the agency said.

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