S&P rates Boston Scientific notes BBB-

Standard & Poor’s said it assigned a BBB- rating to Boston Scientific Corp.’s planned issuance of senior notes with a mix of maturities.

The company will use the proceeds to fund a portion of the acquisition of Endo International plc’s men’s health and prostrate health businesses and to refinance certain outstanding debt obligations, S&P said.

The BBB- corporate credit rating on Boston Scientific reflects its strong business risk and aggressive financial risk profiles, the agency said.

The outlook is negative, reflecting credit measures that are quite weak for the rating, S&P said, and downside risk to the base-case expectation of rapid de-leveraging over the next two years.

The ratings also consider the company’s broad portfolio of market-leading medical devices used in diverse specialties, an expansive geographic footprint, limited competition and high barriers to entry in these product markets, the agency said.

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