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S&P: American Medical outlook stable
Standard & Poor's said it revised its outlook American Medical Systems Inc.'s BB- corporate credit rating to stable from negative and affirmed all ratings.
The agency said these actions reflect an improved financial profile that it believes provides sufficient cushion for some continued drag of laser therapy-related sales on overall operations as well as the recession's impact on some business segments. Despite these pressures, S&P expects at least modest constant currency sales growth and healthy internal cash generation to continue in the near term.
The speculative-grade rating reflects American Medical's aggressive financial risk profile as a result of its July 2006 debt-financed acquisition of Laserscope, the challenge of improving the performance of the laser therapy business and the company's narrow medical focus, the agency said.
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