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S&P lifts American Medical
Standard & Poor's said it raised the corporate credit rating on American Medical Systems Inc. to BB+ from BB because of the company's expanding operating margins, improving financial risk profile and continued sales growth despite economic and competitive challenges.
In addition, the company's senior secured credit facility was raised to BBB from BBB- and its senior convertible subordinated notes were revised to BB- from B+. Recovery ratings of 1 and 6, respectively, are unchanged.
"The rating on Minnetonka, Minn.-based American Medical Systems Inc., the operating subsidiary of American Medical Systems Holdings Inc., reflects its relatively narrowly focus on solutions to pelvic health conditions and competitive pressures, despite improving financial parameters," S&P analyst Cheryl Richer said in a statement.
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