Fitch Affirms Johnson & Johnson's Ratings; Out

Description: CHICAGO--(BUSINESS WIRE)--Fitch Ratings has affirmed the following ratings for Johnson & Johnson (JNJ): -- Issuer Default Rating (IDR) at 'AAA'; -- Senior unsecured debt at 'AAA'; -- Subordinated debt at 'AAA'; -- Commercial paper at 'F1+'. The ratings apply to approximately $11.4 billion of debt. The Rating Outlook is Stable. The ratings are supported by JNJ's broad-based business model, which generates significant cash and to a large degree mitigates individual segment-related risk. Despite a previously announced $10 billion share repurchase program and near-term challenges to a number of JNJ's products (Duragesic, Eprex/Procrit, Risperdal, Topamax, and Cypher), Fitch expects the company will deliver reliably strong financial performance, owing to the breadth and strength of its other products and businesses... [read full story]