S&P rates American Medical convertibles B

Standard & Poor's said it assigned its B rating to American Medical Systems Holdings Inc.'s 3.75% convertible senior subordinate notes due 2041, which it will exchange for up to $250 million of its 3.25% convertible senior subordinated notes due 2036.

The assigned recovery rating of 6 indicated the negligible prospects for recovery in the event of a default, the agency said.

The tender offer will extend through Sept. 11, S&P noted.

At the same time, the agency said it assigned its preliminary B+ and preliminary B ratings to Holdings' senior unsecured debt securities and subordinated debt securities.

"Final ratings would be subject to amounts issued," said credit analyst Cheryl Richer.

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