S&P rates Stryker notes A+

Standard & Poor's said it assigned its A+ issue-level rating to Stryker Corp.'s $1 billion senior unsecured notes, which will be issued in two tranches due in 2015 and 2020, respectively.

The notes will rank equally with the company's existing and future senior unsecured obligations, the agency said, adding that proceeds from the notes offering are expected to be used for working capital and other general corporate purposes.

The offering will only minimally increase Stryker's total debt leverage and is consistent with the company's minimal financial risk profile, S&P said.

At the same time, the agency said it assigned its A+ preliminary senior unsecured and a preliminary subordinated debt ratings to debt securities filed as part of a Rule 415 shelf registration.

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