Moody's To Review Lilly's AAA Debt Rating
Jul. 02, 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.