Medtronic's ratings on review for possible downgrade on Kyphon buy plan- Moody's |
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Published
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Mon, 30 Jul 2007 07:02
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MUMBAI (Thomson Financial) - Moody's Investors Service said it has placed medical device maker Medtronic Inc's 'A1/Prime-1' ratings under review for possible downgrade on its plan to buy spinal implant maker Kyphon Inc for 3.9 bln usd including current debt.The ratings agency said, until financing plans are clearly articulated, it assumes that Medtronic's debt could increase to levels that no longer meet expectations for an 'A1' rating.Moody's said the ratings review will focus on form of financing the Kyphon acquisition, potential changes to Medtronic's financial policies and potential synergies, integration issues related to the acquisition.The ratings agency also affirmed Kyphon's 'B1' corporate family rating but expects that at the closing of this transaction the ratings to be withdrawn.TFN.newsdesk@thomson.comndi/manCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Medtronic to acquire Kyphon 