S&P affirms Boston Scientific

Standard & Poor's said it affirmed its BBB- corporate credit and senior unsecured debt ratings on Boston Scientific Corp. The outlook is stable.

The agency said this action reflects Boston Scientific's intention to purchase the outstanding equity in Cameron Health Inc. for an upfront payment of $150 million at closing, a payment of $150 million on U.S. Food and Drug Administration approval, and up to an additional $1.05 billion of revenue-based milestone payments over six years after FDA approval.

"We view this as credit neutral in the short term," said S&P credit analyst Cheryl Richer in a news release, "given the company's ability to fund the initial investments with internally generated cash.

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