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UPJOHN COMPANY RESPONDS TO MOODY'S RATING

 UPJOHN COMPANY RESPONDS TO MOODY'S RATING
 KALAMAZOO, Mich., March 4 /PRNewswire/ -- The Upjohn Company


(NYSE: UPJ) was informed today that Moody's has downgraded its long-term debt from Aa2 to Aa3. The company does not expect that this action will have any significant effect on its earnings or ability to raise capital in the future. Upjohn met with Moody's in late January and was aware of their review and potential rating action. The company does not share Moody's conclusions.
 Upjohn is confident of its future earnings outlook and continual strong cash flow. Upjohn is positioned well in the various world wide markets and is confident it can maintain a strong financial position well into the future.
 The Upjohn Company is a worldwide, research-based provider of human health care products, animal health products, agronomic and vegetable seeds and specialty chemicals. Headquartered in Kalamazoo, the company has been dedicated to improving health and nutrition for more than a century.
 -0- 3/4/92
 /CONTACT: John P. Lambrechts of The Upjohn Company, 616-323-7076, or (home) 616-329-4948/
 (UPJ) CO: The Upjohn Company ST: Michigan IN: MTC SU: RTG


JG -- DE035 -- 5168 03/04/92 17:35 EST
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Publication:PR Newswire
Date:Mar 4, 1992
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