Boston Scientific's Credit Rating Upgraded
Fitch Ratings, the New York-based credit rating agency, has improved Boston Scientific's corporate credit rating to investment status, according to the Natick-based medical device manufacturer.
Fitch raised its rating on the company to BBB- with a stable outlook. BBB is the lowest investment-grade rating based on its scale of 10 levels.
Moody's Investors Service recently raised the company's Ba1 rating outlook to positive from stable, according to Boston Scientific.
The improvements will lower the company's cost of future borrowing.
According to the company's most recent quarterly report, Boston Scientific has about $4.6 billion in long-term debt.
The company recorded a $46 million profit on $1.9 billion in sales during the quarter ending on March 31.
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