NATICK, Mass., June 9 /PRNewswire-FirstCall/ -- Boston Scientific Corporation (NYSE: BSX) today welcomed an announcement by Fitch Ratings that it has revised its Rating Outlook on the Company, to Stable from Negative. Fitch also reaffirmed the Company's long-term credit rating of BB+.
Fitch said the revised Outlook is supported by the progress Boston Scientific is making toward stabilizing its drug-eluting stent and cardiac rhythm management businesses, while paying down debt in the process. The Company has paid down $1.7 billion of debt during the past 12 months.
Fitch added that it expects Boston Scientific's leverage will decline further in the intermediate term through increased cash flow growth and debt reduction.
"We welcome this revised outlook and see it as another indication that we are moving in the right direction in a number of key areas," said Sam Leno, Chief Financial Officer of Boston Scientific. "The Fitch action also confirms that our expense and head count reduction plan is being executed effectively and is helping strengthen our financial position."
Boston Scientific is a worldwide developer, manufacturer and marketer of medical devices whose products are used in a broad range of interventional medical specialties. For more information, please visit: http://www.bostonscientific.com.
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This press release contains forward-looking statements within the
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Forward-looking statements may be identified by words like "anticipate,"
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|SOURCE Boston Scientific Corporation|
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