Use the below computations, along with measures in Exhibit $4\mathrm{.}8,$ to estimate the long$-$term debt rating for Stryker company.

Debt $/$ EBITDA: $$3******$ EBITA to interest expense: $16\mathrm{.}30******$ Revenue: $$13,601******$

Retained Cash Flow $/$ Net Debt: $34\mathrm{.}70\%******$ EBITA margin: $21\mathrm{.}70\%******$ Operating margin: $18\mathrm{.}70\%******$

FFO $/$ Debt: Interest Expense$)/$Interest Expense: $16\mathrm{.}80\%******$

EBITA to average assets: $11\mathrm{.}90\%******$ CAPEX $/$ Depreciation expense: $1\mathrm{.}869$

EXHIBIT $4\mathrm{.}8$

Ratio Values for Different Risk Classes of Corporate Debt$*$

$\backslash$table$[[,\backslash$table$[[$Debt$/],[$EBITDA$]],\backslash$table$[[$EBITA$/],[$Interest$],[$Expense$]],$Revenue,$\backslash$table$[[$Retained$],[$Cash$],[$Flow$/$Net$],[$Debt$]],\backslash$table$[[$EBITA$],[$Margin$]],\backslash$table$[[$Operating$],[$Margin$]],$FFO$/$Debt$,\backslash$table$[[($FFO $+],[$Int Exp$)/],[$Int Exp$]],\backslash$table$[[$EBITA$/],[$Average$],[$Assets$]],\backslash$table$[[$CAPEX$/],[$Depreciation$]],\backslash$table$[[$Revenue$],[$Volatility$]]],[$Aaa $............,1\mathrm{.}5,16\mathrm{.}6,125\mathrm{.}8,44\mathrm{.}2\%,32\mathrm{.}2\%,25\mathrm{.}6\%,65\mathrm{.}9\%,19\mathrm{.}3,16\mathrm{.}8\%,1\mathrm{.}4,16\mathrm{.}0],[..........,1\mathrm{.}4,19\mathrm{.}7,72\mathrm{.}4,39\mathrm{.}2\%,19\mathrm{.}4\%,18\mathrm{.}5\%,65\mathrm{.}0\%,21\mathrm{.}9,11\mathrm{.}5\%,1\mathrm{.}4,10\mathrm{.}3],[$A$..............,2\mathrm{.}1,11\mathrm{.}7,20\mathrm{.}2,32\mathrm{.}3\%,14\mathrm{.}8\%,13\mathrm{.}3\%,39\mathrm{.}2\%,13\mathrm{.}6,10\mathrm{.}4\%,1\mathrm{.}3,9\mathrm{.}9],[$Baa $.............,2\mathrm{.}8,6\mathrm{.}6,8\mathrm{.}0,25\mathrm{.}1\%,15\mathrm{.}3\%,13\mathrm{.}2\%,29\mathrm{.}6\%,8\mathrm{.}5,8\mathrm{.}9\%,1\mathrm{.}3,11\mathrm{.}7],[..............,3\mathrm{.}5,3\mathrm{.}7,3\mathrm{.}2,20\mathrm{.}3\%,14\mathrm{.}8\%,12\mathrm{.}4\%,22\mathrm{.}0\%,5\mathrm{.}4,8\mathrm{.}9\%,1\mathrm{.}3,15\mathrm{.}6],[$B$..............,5\mathrm{.}6,1\mathrm{.}8,0\mathrm{.}8,8\mathrm{.}6\%,13\mathrm{.}6\%,8\mathrm{.}9\%,9\mathrm{.}4\%,2\mathrm{.}4,7\mathrm{.}1\%,1\mathrm{.}1,18\mathrm{.}5],[$Caa$-$C $.........,7\mathrm{.}9,0\mathrm{.}7,0\mathrm{.}7,2\mathrm{.}9\%,6\mathrm{.}7\%,4\mathrm{.}0\%,3\mathrm{.}6\%,1\mathrm{.}4,5\mathrm{.}0\%,0\mathrm{.}9,13\mathrm{.}8]]$