New York, December 01, 2014 -- Moody's said today that given Medtronic, Inc.'s (A2, RUR down) expected capital structure following its acquisition of Covidien plc, that it is likely that all of the company's rated senior unsecured debt will have the same rating. This includes existing Medtronic debt, existing Covidien debt, and any newly issued debt, including the company's proposed debt offering. We assigned a (P)A3 to the new notes and expect to lower the long term ratings of Medtronic's existing notes to A3 once the transaction closes. Details of the proposed capital structure are outlined in the company's S-4 filing dated November 20, 2014 and the company's new Offering Memorandum. For further information, please see Moody's Issuer Comment on Medtronic on www.moodys.com.

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