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Fitch affirms CareFusion
Fitch Ratings said it affirmed CareFusion Corp.'s issuer default rating, senior unsecured bank facility and senior unsecured notes at BBB and its short-term issuer default rating and commercial paper at F2.
The outlook is stable.
The agency said the affirmation reflects that fact that CareFusion's business model is generating growth despite relatively weak capital spending trends at hospitals. Stable margins and debt levels resulted in a total debt-to-EBITDA ratio of 1.9 times at June 30.
However, Fitch noted that the leverage range for this credit is approximately 1.5 times to 2.0 times, so CareFusion has little to no flexibility within the BBB rating category with regard to leverage.
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