Moody's rates Medtronic notes A1

Moody's Investors Service said it assigned an A1 rating to Medtronic Inc.'s $1 billion offering of new senior notes. At the same time, Moody's affirmed Medtronic's existing long- and short-term ratings.

Moody's affirmed Medtronic Inc.'s A1 rating on the company's $1.9 billion convertible notes, the A1 rating on the $1.75 billion credit facilities and the Prime-1 short-term rating.

The outlook is stable.

Proceeds from the notes will be used largely to refinance outstanding commercial paper that has partially funded the $1.35 billion Michelson transaction.

Moody's said Medtronic's A1 rating reflects its favorable market position and product offerings in cardiac rhythm management, cardiac surgery, vascular, neurology, diabetes, and orthopedics. The company has significant financial flexibility primarily because of its strong cash flow and growth potential.

© 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.