Moody's: Medtronic's plans for offshore cash will aid deleveraging

New York, January 11, 2016 -- On 11 January 2016, Medtronic plc (rated entity A3 negative) announced how it plans to use the $9.3 billion in cash and investments that were made available tax efficiently via an internal restructuring of certain legacy Covidien businesses. This news is credit positive for Medtronic because the company intends to use a portion of this cash toward debt repayment, which will help with its deleveraging plans. However, in light of other offsets, there is no change to Medtronic's rating or outlook at this time. For additional information, please refer to Moody's Issuer Comment on Medtronic on www.moodys.com.

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