Medtronic, Inc. -- Moody's: Medtronic's Un-Trapped Cash is Credit Positive

New York, September 29, 2015 -- Moody's Investors Service said that Medtronic plc's announcement that it moved about $9.8 billion of cash and investments from an overseas subsidiary that is US-controlled to an overseas subsidiary that is not US-controlled is credit positive. Medtronic can now use these funds freely without paying taxes beyond the nearly $500 million to be paid to execute this restructuring. The company was able to do this due to an internal restructuring of certain legacy Covidien businesses. This development is credit positive because it will provide the company with greater financial flexibility and will likely help it delever. However, this development has no effect on the company's A3 senior unsecured ratings or negative outlook at this time. For additional information, please refer to Moody's Issuer Comment on Medtronic on www.moodys.com.

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