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Fitch Raises Boston Scientific's Rating Outlook to Positive
Date:5/19/2009

NATICK, Mass., May 19 /PRNewswire-FirstCall/ -- Boston Scientific Corporation (NYSE: BSX) today announced that Fitch Ratings has raised the Company's rating outlook to positive from stable, while affirming the Company's corporate credit rating at BB+.

Fitch said the revised rating outlook reflects:

  • The success the Company has had in stabilizing its drug-eluting stent (DES) business and returning its cardiac rhythm management (CRM) business to growth, which has included the launch of a number of new DES and CRM products. Fitch noted that the Company's other businesses have been performing well.

  • The Company's restructuring program, which is nearly completed and is expected to provide a lower cost structure going forward.

  • The Company's paying down approximately $1.3 billion in debt during the last four quarters.

  • The Company's research and development efforts, which are expected to provide a relatively steady stream of new product introductions across Boston Scientific's entire business.

"The Fitch upgrade is further testimony to the progress we are making in strengthening our financial fundamentals and driving profitable sales growth," said Sam Leno, Executive Vice President and Chief Financial Officer of Boston Scientific. "It comes as additional welcome news after the March upgrades from Moody's and Standard and Poor's. We will continue working to improve our profit margins, free cash flow, debt repayment and financial discipline."

About Boston Scientific

Boston Scientific is a worldwide developer, manufacturer and m
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SOURCE Boston Scientific Corporation
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