S&P lowers Boston Scientific

Standard & Poor's said it lowered its corporate credit rating on Boston Scientific Corp. to BBB- from BBB and the short-term rating to A-3 from A-2.

The outlook remains negative.

This action reflects the company's disappointing second quarter and increased concern regarding the company's ability to reduce debt in line with prior expectations, the agency added.

According to S&P, the ratings on Boston Scientific reflect its broad portfolio of market-leading medical devices and its strong cash flows while these strengths are offset by high debt leverage, operational difficulties and a contraction in both the cardiac rhythm management and drug-eluting stent markets.

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