NATICK, Mass., March 12 /PRNewswire-FirstCall/ -- Boston Scientific Corporation (NYSE: BSX) today announced that Moody's Investors Service has raised the Company's rating outlook to stable from negative. In addition, Moody's upgraded the Company's U.S. public bond rating to Ba1 from Ba2 and its liquidity rating to SGL-2 from SGL-3, while affirming its corporate credit rating at Ba1.
Moody's said the revised rating outlook reflects: (1) improved covenant cushions provided by recent amendments to the Company's bank facility; (2) generally steady market share for key drug-eluting stent (DES) and cardiac rhythm management (CRM) products, and (3) ongoing debt repayment and cost-savings initiatives.
Moody's noted that Boston Scientific has been able to retain market share in the DES arena while rebuilding its CRM presence with new product launches.
"Boston Scientific has demonstrated solid financial discipline, highlighted by a focus on debt repayment and cost-cutting measures," commented Diana Lee, a Senior Credit Officer at Moody's. "Combined with relieving potential liquidity constraints through an amended bank facility, steady positioning in these key markets helps support a stable outlook."
"The Moody's actions reflect the progress we are making in strengthening our financial fundamentals and driving profitable sales growth," said Sam Leno, Chief Financial Officer of Boston Scientific. "We plan to build on this progress while continuing to focus on improving free cash flow, debt repayment and financial discipline."
About Boston Scientific
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: '/>"/>
|SOURCE Boston Scientific Corporation|
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