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S&P lowers St. Jude Medical
S&P said it lowered the corporate credit rating on St. Jude Medical Inc. to BBB from A- and maintained the rating on CreditWatch, where it was placed with negative implications in April.
The agency also said it affirmed the A-2 commercial-paper rating.
The downgrades follow the completion of Abbott Laboratories' acquisition of St. Jude for about $25 billion and reflect a view that St. Jude is core to Abbott, S&P said.
The ratings also remain on CreditWatch with negative implications.
S&P said it expects Abbott to exchange St. Jude debt for Abbott debt over the coming weeks, at which point the ratings on St. Jude will be withdrawn.
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