S&P rates AGA Medical, loan B+

Standard & Poor's said it assigned its B+ corporate credit rating to AGA Medical Corp.

The outlook is stable.

In addition, the company's $240 million senior secured credit facility was rated B+ with a recovery rating of 2, the agency said.

"The ratings on AGA reflect the company's narrow product line of medical devices to treat congenital heart defects, as well as its dependence on the inventor of these products, Dr. Kurt Amplatz, to lead future research efforts," said S&P credit analyst Cheryl Richer.

"These risks more than offset the company's leadership position in the pediatric cardiology market, in which AGA's products have set the gold standard for treatment, replacing surgery with an effective and minimally invasive alternative."

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