Moody's assigns Stryker notes A3

Moody's Investors Service said it assigned an A3 rating to Stryker Corp.'s new senior unsecured notes.

Stryker's existing A3 long-term and Prime-2 short-term ratings remain unchanged.

The outlook is stable.

"Proceeds from this offering will be used primarily to refinance existing debt and Stryker's credit metrics will remain relatively strong," Moody's senior credit officer Diana Lee said in a news release.

Although Stryker had about $880 million in U.S. cash at Dec. 31, 2013, incremental borrowings will provide some additional dry power for U.S. cash needs.

Moody's said Stryker's A3 ratings are supported by its favorable presence in orthopedics and certain medical product areas, strong credit metrics, and a relatively conservative capital structure.

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