Moody’s rates Medtronic notes A3

Moody's Investors Service said it assigned an A3 rating to Medtronic Global Holdings SCA's new senior unsecured note offering and the further issuance of notes, issued by Medtronic, Inc., under its previous December 2014 note offering due 2045.

All of Medtronic's existing ratings are unchanged.

The outlook is negative.

The agency expects that a portion of proceeds will be used to refinance upcoming debt maturities.

Medtronic has about $6 billion in debt maturing between October 2017 and April 2018.

"These offerings highlight the need for Medtronic to issue debt because its faces challenges in funding its cash needs," Moody's senior credit officer Diana Lee said in a news release.

The agency said the A3 rating reflects Medtronic's very large scale as well as industry-leading market positions in several therapeutic areas.

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