Moody's gives Medtronic notes A1

Moody's Investors Service said it assigned an A1 to Medtronic, Inc.'s new $1.25 billion senior notes and a provisional A1 to its newly established senior shelf.

At the same time, Moody's said it affirmed Medtronic's existing ratings and the stable outlook.

Proceeds are expected to be used to refinance short-term commercial paper borrowings as well as for general corporate purposes, according to the agency.

"Reducing reliance on short-term borrowings, especially given the current market environment, helps to improve Medtronic's liquidity profile," said Diana Lee, a senior credit officer at Moody's.

The A1 ratings reflect Medtronic's sizeable and diversified revenue base, retention of leading positions in several product areas despite recent challenges, and expectations that financial strength measures will improve, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.