Fitch affirms Johnson & Johnson

Fitch Ratings said it affirmed the following ratings for Johnson & Johnson, issuer default rating at AAA, senior unsecured debt at AAA, subordinated debt at AAA and short-term debt commercial paper at F1+.

The outlook is stable.

Fitch said its affirmation follows Johnson & Johnson's announcement that it will acquire Pfizer's consumer health care business for $16.6 billion in cash.

Fitch added it expects that free cash flow will pay down the additional borrowings within two years.

While this is a relatively large transaction, Fitch said it believes the acquisition is strategically sound, noting that the company has a long successful history in the consumer health care market.

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