Fitch rates Johnson & Johnson notes |
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Published
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Mon, 13 Aug 2007 16:43
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NEW YORK (AP) - Fitch Ratings said Monday it assigned an 'AAA' rating to health care company Johnson & Johnson's offering of $1.5 billion senior unsecured notes.A triple-A rating is the highest investment-grade rating given by Fitch.According to Fitch, Johnson & Johnson plans to use proceeds from the offering of the notes due 2012, 2017 and 2037 for general corporate purposes. A portion will go toward repaying part of the outstanding commercial paper that was issued to fund the Pfizer Consumer Healthcare acquisition.As of July 1, Johnson & Johnson had about $6 billion in cash and $10 billion in various forms of unused credit. The New Brunswick, N.J.-based company also had total debt of about $6.5 billion, Fitch said.Fitch's additional ratings for Johnson & Johnson include an issuer default rating of 'AAA'; senior unsecured debt 'AAA'; subordinated debt 'AAA'; short-term IDR 'F1+'; and commercial paper 'F1+.'Shares of Johnson & Johnson gained 32 cents to $61.47 in morning trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Credit agencies back J&J ratings 