Boston Scientific hat sich nach dem Kauf von Guidant massiv überschuldet. Nun fallen auch noch die Umsätze drastisch. Das Verhältnis von Ebita zu Schulden ist derart schlecht, dass die Anleihen auf Junk-Status abgestuft wurden - unisono von Fitch und Standard&Poor. Das macht die Refinanzierung immer schwieriger. Der Anstieg gestern war vermutlich technischer Natur (Short-Eindeckungen, "buy the bad news").
Die Firma will jetzt durch Entlassungen Kosten senken. Das ist in dem Geschäft mit Medizinischen Geräten (Herzschrittmacher, Bypass-Stents usw.) jedoch problematisch, weil die Vertreter die Kunden teils vor Ort betreuen. Ich hatte die Müllaktie kürzlich bei 13,80 USD gekauft (ohne gründlich zu recherchieren, zugegeben) und bin dann bei 13,50 mit Verlust raus, nachdem ich mich auf dem Yahoo Bulletin Board "nachträglich" schlau gemacht hatte. So sollte man Aktien NICHT kaufen. Ich sah sie fälschlich als Turnaround-Kandidaten, nachdem sie von 35 auf 13 Dollar gefallen war. Nach den Rating-Downgrades glaub ich da nicht mehr dran.
03.08.2007 22:42
Boston Scientific ratings in junk realmBOSTON (AP) - Boston Scientific Corp (Nachrichten) .'s credit standing among the three major ratings agencies
has fallen into junk bond territory after the company decided against a move that could have raised as much as $1 billion to pay off debt from its Guidant Corp. acquisition.
Standard&Poor's and Fitch Ratings on Friday both cut their ratings on Boston Scientific to levels that
could boost the medical device maker's future borrowing costs in the form of higher interest rates.
S&P and Fitch both cut Boston Scientific's ratings one notch to 'BB+' from 'BBB-' -- moves that leave the company with the agencies' highest speculative, or junk bond, rating. Both firms also indicated further downgrades could be upcoming.
Friday's cuts followed a similar move July 24 by Moody's Investors Service, the first agency to reduce Boston Scientific's rating below investment-grade level and into junk territory.
S&P and Fitch both cited Boston Scientific's announcement Thursday that it had decided against selling a minority stake in its fast-growing endosurgery unit through a stock offering.
Natick, Mass.-based Boston Scientific began exploring the move in March, saying it could raise as much as $1 billion in cash and help pay off debt from last year's $27 billion Guidant acquisition. Boston Scientific ended this year's second quarter with $7.4 billion in debt.
Chief Executive Jim Tobin said his company decided it would benefit more from keeping the endosurgery unit wholly owned than from selling a stake.
However, Boston Scientific said it plans upcoming announcements to raise cash and reduce costs, including job cuts and sales of assets and pieces of its investment portfolio.
In response to Friday's ratings cuts, Boston Scientific spokesman Paul Donovan said, 'It has been -- and continues to be -- our practice to maintain a sound financial position to support our long-term objectives.'
In addition to the expected cost-cutting moves, efforts to improve the company's heart stent and implantable defibrillators businesses 'should contribute to a stronger financial position,' Donovan said.
Piper Jaffray analyst Tim Nelson said in an interview that the ratings cuts 'will certainly increase their incremental borrowing costs ... They do have to make some significant cost reductions.'
Shares of Boston Scientific fell 34 cents, or 2.5 percent, to close at $13.09. The stock is at its lowest since mid-2002.
The stock has lost more than half its value over the past two years, in part due to investor worries about the Guidant acquisition, a deal that left Boston Scientific inheriting legal and financial problems from product recalls and safety warnings involving Guidant defibrillators.
The recalls have spurred a recent decline in sales of defibrillators, which shock abnormally beating hearts back into a steady rhythm.
Meanwhile, sales of Boston Scientific's top-selling product, the Taxus drug-coated stent, fell 32 percent last quarter. Stent sales have been hit recently by several studies that raised questions about their safety and effectiveness.
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