New York, July 22, 2015 -- Moody's Investors Service placed St. Jude Medical, Inc.'s (St. Jude's) Baa1 senior unsecured ratings under review for downgrade following the company's announcement that it plans to acquire Thoratec Corporation for approximately $3.4 billion, net of cash acquired. At the same time, Moody's affirmed St. Jude's Prime-2 short-term rating. St. Jude plans to finance the transaction with $3.4 billion of new debt. Management expects the transaction to close in the fourth quarter of 2015.
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