Merck Drops Off Moody's Aaa List ; Credit Agency Cites Vioxx Recall Fallout
The Record, Bergen County, NJ › November 10, 2004
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Summary
Credit-rating agency Moody's dropped Merck & Co. from an elite list of companies holding its top rating Tuesday in the latest fallout from the withdrawal of the Vioxx painkiller.
Merck had held the agency's Aaa rating for more than 10 years. Moody's lowered the rating two notches, to Aa2, and said the rating remains under review for further downgrade depending primarily on Merck's legal problems.See the full content of this document
Extract
Merck Drops Off Moody's Aaa List ; Credit Agency Cites Vioxx Recall Fallout
Moody's said the downgrade primarily reflected loss of revenue from Vioxx, which had $2.5 billion in annual sales, or about 11 percent of Merck's ov...
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