S&P: AGA Medical outlook stable

Standard & Poor's said it affirmed its B+ corporate credit rating and senior secured debt ratings on AGA Medical Corp. and revised the outlook to stable from positive.

The agency said the rating on AGA Medical reflects the company's highly leveraged financial risk profile, a narrow product line of medical devices and its relatively modest-sized revenue base. Debt leverage was 8.2 times for the 12 months ended March 31.

The timing of a planned initial public offering, via which the company's preferred stock would be converted into common stock and subordinated debt would be repaid, remains on hold pending more favorable market conditions, S&P noted.

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