...- Boston Scientific Corp. announced updated revenue guidance for the first quarter of 2020 that implies a higher potential impact from the COVID-19 pandemic than we previously expected, reflecting a material decline in elective procedure volumes. At the same time, the company is taking multiple proactive steps to reduce costs and preserve cash. - We estimate around 70% of the company's portfolio has exposure to deferrable procedures. We expect that the delays in elective procedures will extend into the second quarter of 2020 and have a significant negative affect on Boston Scientific's operating performance. - While we expect some volume stabilization in the third quarter, since many cardiovascular and diagnostic procedures can't be deferred by more than one or two months, we project that several months of week operating performance will delay leverage reduction from its 2019 level of 4.1x. - We are affirming our '###-' ratings on Boston Scientific and its senior unsecured debt. In addition,...
