Boston Scientific Corp. announced plans to issue $1.6 billion of debt to fund the acquisition of Endo International PLC's Men's Health And Prostrate Health businesses. This transaction increases adjusted debt leverage (including accrued legal reserves as debt) to about 5x pro forma for the transaction. Our rating hinges on the company's stated commitment to prioritize deleveraging over the next two years and is supported by the company's strong free cash flow generation, which makes that goal easily achievable in that time frame, and a long track record of maintaining debt leverage below 4x. We are affirming our 'BBB-' corporate credit rating and issue-level ratings and revising our outlook to negative from stable. We are revising our financial risk assessment to
