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Pfizer's consumer health joint venture with GSK is credit negative, Moody's says

Pfizer Inc.'s decision to form a consumer health joint venture with British drugmaker GlaxoSmithKline PLC is credit negative for the New York-based company, Moody's said.

The planned spinoff of the consumer business through a public stock offering will curtail Pfizer's size, product portfolio and earnings, the credit rating agency said Dec. 19.

Pfizer's ratings, including its A1 long-term rating and Prime-1 short-term rating, remain unchanged, and the outlook is still stable, Moody's said.