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Moody's gives Boston Scientific notes A3
Moody's Investors Service said it assigned an A3 rating to Boston Scientific Corp.'s new $600 million senior unsecured note offering.
The outlook is stable.
The A3 long-term debt rating reflects Moody's expectations that the company will continue to generate solid free cash flow despite a more crowded and volatile drug eluting stent market and will maintain ratios of operating cash flow to adjusted debt and free cash flow to adjusted debt of about 50% and 45%, respectively, through 2006, assuming any settlement of outstanding litigation with Johnson & Johnson is no greater than $750 million.
The agency added the ratings also reflect high concentration risk in one product and potential cash flow volatility associated with higher competition, technological obsolescence and regulatory issues.
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