Moody's: Covidien notes Baa1

Moody's Investors Service said it assigned a Baa1 rating to Covidien Finance International SA's new benchmark senior note offering, proceeds from which will fund acquisitions as well as pre-fund an upcoming note maturity.

The existing ratings remained unchanged.

The outlook is stable.

"Although Covidien's debt levels will rise with this offering, we expect credit metrics to be sustained at levels consistent with its Baa1 rating," Moody's senior credit officer Diana Lee said in a news release.

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