Boston Scientific (BSX) Pops on Positive S&P Bond Rating
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Boston Scientific (NYSE: BSX) shares shot up today on news that Standard & Poor's Ratings Services raised BSX's bonds out of the funk with a BBB- rating, investment grade.
S&P noted that, though BSX is sheding some debt, there is a "meaningful refinancing risk in 2011." They also noted that BSX should not be setback by any one product line due to its global footprint and diversity.
Moody's and Fitch maintain their ratings that put Boston Scientific still in the junk category, but have a stable and positive outlook, respectively.
The company has since released a bond prospectus to raise $1 billion, which is due in April 2011.
S&P noted that, though BSX is sheding some debt, there is a "meaningful refinancing risk in 2011." They also noted that BSX should not be setback by any one product line due to its global footprint and diversity.
Moody's and Fitch maintain their ratings that put Boston Scientific still in the junk category, but have a stable and positive outlook, respectively.
The company has since released a bond prospectus to raise $1 billion, which is due in April 2011.
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