Fitch affirms Covidien

Fitch Ratings said it affirmed Covidien plc's issuer default rating at A, short-term issuer default rating at F1, commercial paper program at F1, credit facility at A and senior unsecured notes at A.

The outlook is stable.

The action follows Covidien's plans to acquire ev3 Inc. for $2.6 billion, according to the agency.

At March 26, Covidien's debt-to EBITDA ratio was 1.1 times.

In addition to its strong financial profile, Covidien's ratings are supported by its demonstrated operational stability, Fitch said.

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