Fitch affirms several J&J ratings |
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Fri, 08 Jun 2007 22:26
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CHICAGO (AP) - Fitch Ratings said Friday it affirmed four ratings for Johnson & Johnson that cover about $6.7 billion in debt.The ratings service upheld the 'AAA' issuer default rating, 'AAA' senior unsecured debt rating, 'AAA' subordinated debt rating and 'F1+' short-term debt commercial paper rating it holds for the the New Brunswick, New Jersey-based health care giant.The service also said its ratings outlook for Johnson & Johnson is 'Stable.'Fitch said Johnson & Johnson's business operations uphold the ratings by bringing in cash and easing segment-related risk. Some of the company's products will confront challenges in the near future, Fitch said, but it anticipates Johnson & Johnson's strong overall business will keep its financial performance strong, as well.The ratings service expects the company will use its free cash flow to repay part of the $4.7 billion in short-term debt it took on from its purchase of Pfizer Inc.'s consumer health care arm.Johnson & Johnson shares added 13 cents Friday to finish trading at $62.13.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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