Medtronic (NYSE:MDT)’s move to use some of its freed up $9.3 billion to repay debt is “credit positive,” but won’t change the medical giant’s rating or outlook, according to a Moody’s report published yesterday.

Fridley, Minn.-based Medtronic said yesterday it has $9.3 billion to spend as a result of the Covidien integration, and plans to use most of the rest to pay down debt as it looks to regain its A credit rating. The company committed to returning at least 50% of the $9.3 billion to shareholders, either through dividends or buybacks.

While Moody’s said the news was credit positive, the firm added that “in light of other offsets, there is no change to Medtronic’s rating or outlook at this time,” in a press release posted yesterday.

After announcing the debt repurchasing plans, trading in shares of  Medtronic were temporarily suspended suspended yesterday.

Medtronic said it plans to execute the share buyback “with a bias toward repurchasing shares earlier within the time period.”

The company also said it’s once again raising the low end of its earnings guidance for fiscal 2016, saying it now expects adjusted EPS of $4.36 to $4.40, up from $4.33 to $4.40 previously, and reiterated its top-line guidance for the upper half of its prior 4% to 6% prediction.