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[September 2000]
Stryker's improved financial performance
Standard & Poor's CreditWire today placed its double-'B' corporate credit and bank loan ratings on the Stryker Corp. with positive implications.
The CreditWatch listing reflects Stryker's improved financial profile. Stryker's credit profile has strengthened since its 1998 acquisition of Howmedica, the orthopedic division of Pfizer Inc., for $1.65 billion. Indeed, greater-than-expected free operating cash flow and the company`s focus on reducing debt have resulted in improved debt-protection measures.
Kalamazoo, Mich.-based Stryker is a leading global manufacturer of specialty surgical and medical products, including:
Orthopedic reconstructive, trauma, spinal, and craniomaxillofacial implants, Powered surgical instruments, and Endoscopic systems. The company also provides physical therapy services in the U.S.
A meeting will be held with management to review the company's operating and financial strategies and to assess the sustainability of its credit-protection before resolving the CreditWatch listing, Standard & Poor's said.
Web site: www.howmedica.com
ENDS