Looks like you’re on the UK site. Choose another location to see content specific to your location

Home Industry News Boston Scientific welcomes ‘stable’ outlook

Boston Scientific welcomes ‘stable’ outlook

20th June 2008

Boston Scientific has welcomed an announcement from Fitch Ratings that has revised the rating outlook on the firm up from Negative to Stable.

The upgrading of the outlook was supported by the progress made by the firm towards the stabilisation of its cardiac rhythm management and drug-eluting stent businesses, Fitch said, in addition to the paying down of its debts.

Boston Scientific notes that it has paid down $1.7 billion (863 million pounds), in the past year, while Fitch has expected a further decline in leverage in the medium-term as a result of debt reduction and increased cash flow.

Fitch also restated the company’s long-term credit rating of BB-plus.

Sam Leno, chief financial officer of Boston Scientific, said: “We welcome this revised outlook and see it as another indication that we are moving in the right direction in a number of key areas.”

He added that the action from Fitch also confirmed that the company’s head count and expense reduction plan is being implemented effectively and is helping to make its financial position more robust.

Last week, Boston Scientific announced that Jim Tobin would extend his tenure as president and chief executive officer of the firm and would turn his attention to the major challenges affecting the company.

We currently have 6 jobs available in Pharmacy industry, find your perfect one now.

Stay informed

Receive the latest industry news, Tips
and straight to your inbox.