...Three of the key rating metrics for JNJ's `AAA' rating that Fitch considers are: total debt/FCF of 3.0x gives no flexibility; total debt/EBITDA of 1.0x gives no flexibility; net debt of $4 billion¡$5 billion gives no flexibility. Fitch believes the company's broadly diversified health care related franchises make it more likely a negative rating action would be prompted by a leveraging transaction, as opposed to operational stress....