S&P rates Medtronic notes AA-

Standard & Poor's said it assigned its AA- senior unsecured debt rating to Medtronic Inc.'s proposed $1 billion note offering, which will be split between two tranches, one maturing in 2010 and the other in 2015.

Existing ratings on Medtronic, including the AA- corporate credit rating, were affirmed. The outlook is stable.

Medtronic plans to use the proceeds for general corporate purposes including the reduction of its commercial paper obligations.

S&P said the rating on Medtronic Inc. reflects the company's leading positions in diverse, high-margin medical product markets; its very strong cash flow, which supports reinvestment and financial flexibility; and its conservative financial policies. These strengths largely insulate the company against the immediate threat of litigation, technological obsolescence, and competitor advances.

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