Boston Scientific ratings reaffirmed |
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Tue, 13 Mar 2007 22:53
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NEW YORK (AP) - Fitch Ratings reaffirmed its position on Boston Scientific Corp., citing the medical device maker's plan to possibly spinoff its Endosurgery business as a positive development.On Monday, Boston Scientific said it is considering selling a minority stake in the business for up to 25 percent of its shares in the group. A review of the option is expected to take 6 to 12 months.Fitch reaffirmed its lower medium grade ratings for the company's issuer default rating, senior unsecured notes and unsecured bank credit facility. Its rating outlook for the company is 'Stable.''In addition to debt reduction,' Fitch said in a statement, 'the proposed transaction will also enable Boston Scientific to maintain a reasonably diversified business model, of which Endosurgery accounts for approximately 16 percent of total sales.'Shares of Boston Scientific fell 8 cents to close at $15.08 in afternoon trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Boston Scientific 4Q net drops 17 pct. 