New York, March 02, 2015 -- Moody's Investors Service said that Cardinal Health, Inc.'s announced acquisition of Johnson & Johnson's Cordis business, comprised of both cardiovascular and endovascular products for $1.944 billion is credit positive. The acquisition of Cordis, with revenues of about $780 million, will significantly boost Cardinal's strategy of introducing lower cost alternatives (including "off-branded" medical products) to its hospital customers. Unlike other off-branded assets that Cardinal has acquired to further this strategy, Cordis will provide a breadth of branded but lower innovation products that are already well-established in the industry. Although Cardinal's leverage will initially rise, we expect the company to deleverage over the next several years. At this time, Cardinal's Baa2 senior unsecured rating and stable outlook are unaffected. For further information, please see Moody's Issuer Comment on Cardinal Health on www.moodys.com.

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