Interest rate hikes can be problematic for many cash-strapped businesses. Taking on additional debt becomes more costly, with interest expenses chipping away at the bottom line. One way investors can protect themselves from this risky situation is by investing in businesses that are flush with cash and that can easily absorb rate hikes.

Two companies that will be just fine regardless of what happens with interest rates are Johnson & Johnson (NYSE: JNJ) and Microsoft (NASDAQ: MSFT). Here's why you can safely hide out in these stocks right now.

Johnson & Johnson is one of the top healthcare companies in the world. Last year, it generated $93.8 billion in sales. Its pharmaceutical business grew at a rate of 35%, and medical device sales also rose by more than 16%.

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Source Fool.com