S&P: Medtronic unaffected

Standard & Poor's said that the announcement by Medtronic Inc. (AA-/stable/A-1+) that its board of directors has authorized the spin-off of its Physio-Control Emergency Response Business is credit neutral.

According to the agency, the tax-free distribution is expected in the first half of fiscal 2008 at year-end April.

Given annual revenues of about $450 million, the lost contribution of Physio-Control to Medtronic's EBITDA will be negligible, the agency said.

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