Fitch Revises Sanofi's Outlook to Negative; Affirms IDR at 'AA-'

(The following statement was released by the rating agency)

LONDON, December 16 (Fitch) Fitch Ratings has revised French

pharmaceutical

company Sanofi SA's Outlook to Negative from Stable and affirmed

the group's

Long-Term Issuer Default Rating (IDR) at 'AA-'. Fitch has also

affirmed the

senior unsecured rating 'AA-' and Short-term IDR at 'F1+'.

The revision of the Outlook to Negative reflects Fitch's belief

that Sanofi's

financial leverage, cash generation and liquidity will be

affected by

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