Boston Scientific Corp. is issuing a commercial paper (CP) program of up to $2 billion maximum. We are assigning our 'A-3' short-term corporate credit rating to Boston Scientific and our 'A-3' issue-level rating to the company's CP program of up to $2 billion. The long-term corporate credit rating on the company remains 'BBB-'. We expect organic revenue growth to moderately outperform peers given a wave of new product launches and for substantial EBITDA margin improvement, as litigation expenses, which we treat as an operating expense, subside. The negative outlook continues to reflect adjusted debt leverage and other credit measures that are weak for the rating, and risk to our base case of rapid deleveraging over the next year as litigation
