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S&P downgrades St. Jude
Standard & Poor’s said it lowered the ratings on St. Jude Medical Inc., including the corporate credit rating and all issue-level ratings, to A- from A.
The agency also said it removed the ratings from CreditWatch, where they were placed with negative implications in July.
The outlook is negative.
S&P said it lowered the short-term and commercial-paper ratings to A-2 from A-1.
The increase in scale and product offerings from the acquisition of Thoratec will modestly strengthen St. Jude’s competitive position, the agency said.
But the incremental strengthening is more than offset by a considerable increase in debt leverage, the agency said.
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