"We still have significant capacity to do extra deals. So we had a one-notch downgrade from both S&P and Moody's and if you look at S&P, we went from an A plus to A rating. We're committed to maintaining investment grade, but there's obviously a large gap between A rating and the low end of investment grade. Keep in mind that the vast majority of the deals we do are small tuck-in deals. That will continue to be the case for Stryker. That is where we drive the most value and we find great technologies that we can give to our fabulous sales forces to drive.

So you will continue to see--those will be the majority of deals, but we still have significant capacity to do more M&A and I would say all of our businesses have embedded BD [business development] people. We have not told them to slow down at all, so they are continuing to scour the market to look for opportunities that will add value. And we won't hesitate to pull the trigger on new deals if we believe they will be value-creating for Stryker."

Kevin Lobo, Stryker chairman and CEO, according to a Seeking Alpha transcript of the company's first quarter of fiscal year 2016 earnings call.

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