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Moody’s To Review Lilly’s AAA Debt Rating

July 2, 1993

INDIANAPOLIS (AP) _ Moody’s Investor Service said it may lower Eli Lilly and Co.’s perfect AAA rating on $900 million in long-term debt after reviewing the pharmaceutical company’s profit prospects and cash generation.

Lilly’s Prime-1 rating for commercial paper, a form of short-term borrowing, is not under review, New York-based Moody’s said Thursday.

The review was prompted in part by Lilly’s decision Wednesday to halt clinical trials for fialuridine, an anti-viral drug which Moody’s said could possess major commercial potential.

Moody’s also cited new competition for Prozac, an antidepressant that is Lilly’s best-selling product.

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