...Rating Derivation Versus Peers Peer Comparison Merck is well positioned relative to peers in terms of scale, depth, breadth and operational stability. The company is a consistent generator of strong FCF, with the closest peer comparisons being Pfizer and Johnson & Johnson (AAA/Stable). All three are large innovative developers of medical therapies with consistently strong margins and FCF. Parent/Subsidiary Linkage No Parent/Subsidiary Linkage is applicable. Country Ceiling No Country Ceiling constraint was in effect for these ratings. Operating Environment No Operating Environment influence was in effect for these ratings. Other Factors No Other Factors....
