Fitch said the move was based on the medical-device maker’s recent announcement that it will settle several longstanding patent lawsuits over heart stents with Johnson & Johnson for roughly $1.73 billion. BSX will pay $1 billion of the settlement Monday and the rest by year's end.
Previously positive, Fitch has BSX at BB+, on step below investment grade.
Earlier Monday, Moody's Investors Service affirmed its ratings at Ba1, the same level as Fitch's, with a stable outlook. The firm said the company's liquidity will to tighter over the near term because of the settlement.
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