Moody’s assigns Baa1 to Stryker notes

Moody's Investors Service said it assigned a Baa1 rating to Stryker Corp.’s new $500 million senior unsecured note offering.

Proceeds will be used to refinance commercial paper borrowings and for general corporate purposes.

The existing Baa1 senior unsecured debt and Prime-2 short term ratings remain unchanged.

The outlook is stable.

"This note offering will raise leverage slightly, but we expect Stryker to deleverage over the coming year as earnings associated with its recent acquisitions and base business improve," Moody's senior credit officer Diana Lee said in a news release.

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