New York, June 28, 2016 -- Moody's Investors Service stated today that Medtronic plc's (rated entity at A3 negative) announcement yesterday that it will acquire HeartWare International, Inc, a maker of heart failure devices, for about $1.1 billion, excluding HeartWare's existing debt, is credit negative. This, combined with last Friday's announced 13% increase in its dividend, which is also credit negative, reduces the company's flexibility to deleverage. However, these developments have no effect on Medtronic's ratings or outlook at this time. For additional information, please refer to Moody's Issuer Comment on Medtronic on www.moodys.com.

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