Moody's affirms Johnson & Johnson

Moody's Investors Service said it affirmed the ratings of Johnson & Johnson including the Aaa senior unsecured rating, following the company's announcement that it has signed a definitive agreement to acquire Pfizer Consumer Health for $16.6 billion in cash.

The outlook is stable.

Moody's said that the affirmation reflects its view that the company's overall average rating in its global pharmaceutical methodology will decline no more than one notch as well as the expectation that the ratios of cash flow from operations and free cash flow to debt will remain in the Aaa ranges following the transaction.

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