Moody’s Investors Service cut its rating for Thousand Oaks-based Amgen Inc. on Tuesday, saying it expects further declines in Amgen’s anemia drug sales.

However, Moody’s maintained a stable outlook for the company.

“The downgrade results from pressures both near-term and long-term facing Amgen’s core products, combined with uncertain growth potential from the late-stage pipeline,” Moody’s spokesman Michael Levesque said.

The stable outlook reflects Amgen’s cash and short-term marketable securities stance, Moody’s said, adding that Amgen still has the financial flexibility to pursue acquisitions without harming its credit rating. Moody’s lowered the ratings to “A3” from “A2.”

Amgen reported meek earnings last month, with a 2 percent hike in profit along with a 2 percent dip in sales. It was hurt mainly by a decline in demand for its anemia drugs which were Amgen’s best-sellers due to safety concerns.

Shares in Amgen closed down 1.1 percent to $42.50 on Tuesday.