New York, February 16, 2016 -- Moody's Investors Service said that Stryker Corporation's announcement on 16 February 2016 that it plans to acquire Physio-Control International, Inc. -- a maker of emergency medical services (EMS) capital equipment -- for about $1.28 billion is credit negative. This comes on the heels of Stryker's 1 February announced acquisition of Sage Products for $2.8 billion and last week's smaller deal to acquire Synergetics USA's neuro surgery product portfolio for an undisclosed amount. Sage is a manufacturer of low tech products aimed at preventing hospital acquired conditions. Moody's will consider all of these transactions as part of our review for possible downgrade of Stryker's A3 senior unsecured debt ratings. Stryker's Prime-2 rating is unchanged. For additional information, please refer to Moody's Issuer Comment on Stryker on www.moodys.com.

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