J&J is at risk of losing its Triple-A credit rating following Oklahoma opioid verdict
Moody's revised its outlook on J&J's top-tier credit rating to "negative" from "stable," reflecting the company's financial exposure to opioid and talc related litigation as well as scrutiny from U.S. lawmakers over high prescription drug prices. Moody's said that could put pressure on the company's creditworthiness over the next 12 to 18 months.
"Several upcoming catalysts will help Moody's assess the magnitude of J&J's legal exposures and the potential to negatively affect the Aaa rating," Moody's said in a research report Wednesday. "These include the first bellwether trials in the Multi-District Litigation in Ohio federal court opioid proceedings, a decision on which expert testimony can be used in federal talc lawsuits, and the outcome of an appeal of a Missouri talc verdict.
The health-care conglomerate, along with other drugmakers, still faces more than 2,000 lawsuits consolidated in a federal court in Ohio. It's also fighting more than 14,000 lawsuits over its talc-based baby powder. Wall Street also expects Congress will pass a "middle-of-the-road"
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