S&P downgrades Stryker to A

Standard & Poor's said it lowered its ratings on Stryker Corp., including the corporate credit and issue-level ratings to A from A+.

The agency also lowered the short-term rating to A-1 from A-1+.

The ratings were removed from CreditWatch, where they were placed with negative implications on Feb. 1.

The outlook is stable.

"The downgrade reflects our view that the modest improvements to Stryker's scale, product diversity, and growth profile from the acquisition of Sage Products Holdings III [a manufacturer of medical supplies focused mainly on reducing hospital-acquired infections] and Physio-Control International Inc. [a U.S.-based manufacturer of manual and automated external defibrillators] are more than offset by the material increase in debt leverage," S&P credit analyst David Kaplan said in a news release.

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