Moody's rates Medtronic loan A1

Moody's Investors Service said it assigned Medtronic, Inc. an A1 rating to the $1.75 billion credit facility due 2011.

The outlook is stable.

Factors supporting a rating one-notch higher than the methodology-implied rating include the company's sizable and diversified revenue base, a leadership position in several market areas and expectations that financial strength measures will improve, narrowing the ratings gap between the implied and actual rating, the agency said.

These strengths are partially offset by historically high reliance on shareholder initiatives as well as significant concentration in cardiac rhythm management and uncertainty regarding future growth rates in implantable cardio defibrillators, Moody's said.

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