S&P: Baxter unchanged

Standard & Poor's said that Baxter Healthcare Corp., a subsidiary of Baxter International Inc. (A-/stable/A-2) reached an agreement on a consent decree with the U.S. Food and Drug Administration regarding the company's Colleague and Syndeo infusion pumps.

The agency said that the ratings on the parent are unaffected.

This favorable development now sets a road map to return these products to market after having been withdrawn in July 2005, the agency noted, adding that still, Baxter must take various steps to fully resolve this situation.

S&P said that Baxter has 20 days to submit a corrective action plan to the FDA, to which the FDA then has 40 days to respond.

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