S&P rates Medtronic note AA-

Standard & Poor's said it assigned its AA- rating to Medtronic's $1.25 billion unsecured note.

The proceeds will be used to repay all or a portion of the company's outstanding commercial paper and for general corporate purposes, the agency said.

The issuance will consist of tranches of benchmark offerings of five-, 10- and 30-year maturities, the agency said, noting that the filing falls under the SEC's well-known seasoned issuer rules, which do not require a dollar amount of securities to be registered.

At Jan. 29, Medtronic had outstanding commercial paper of $1.1 billion and cash and short-term investments of $1.7 billion, the agency said.

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