Moody's could cut Medtronic

Moody's Investors Service said it placed Medtronic, Inc.'s A1 long-term debt ratings under review for downgrade.

At the same time, Moody's affirmed the company's Prime-1 short term rating with the expectation that any downgrade of Medtronic's long-term ratings would be limited to one-notch.

Moody's said the review reflects ongoing risk associated with constraints on Medtronic's core cardiac rhythm management and spine businesses as well as the need for the company to borrow to fund its commitment to shareholders because a sizeable portion of its profits are derived from outside the U.S.

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