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Moody's affirms Johnson & Johnson's credit ratings

Moody's affirmed Johnson & Johnson's Aaa senior secured rating following the pharma giant's decision to acquire Actelion Ltd. in a $30 billion deal.

The agency's outlook on the company's ratings is also stable. The affirmation reflects Johnson & Johnson's decision to fund the acquisition without any initial debt.

The stable outlook also reflects Moody's expectation that Johnson & Johnson will manage conservative financial policies including high cash levels.