Boston Scientific Corp defended its balance sheet, saying the volatility of the broader markets and its stock price have had "no noticeable effect" on its financial strength or ongoing financial performance.

Boston Scientific Corp defended its balance sheet, saying the volatility of the broader markets and its stock price have had "no noticeable effect" on its financial strength or ongoing financial performance.

The medical devices company, whose $27 billion purchase of Guidant Corp in 2006 left it saddled with debt, said on Tuesday it prepaid $500 million of debt obligations during the third quarter, lowering its debt position to about $6.8 billion.

Its next debt maturity of $825 million is due in April 2010, and its operating cash flows are expected to "more than adequately" meet that obligation, the company said.

Boston Scientific said it has access to about $3 billion in cash, with about $1.7 billion of cash on hand and access to about $1.3 billion more through its revolving bank credit facility.

It also said its two drug-coated heart stents had an aggregate US market share of about 45 per cent, the same share as the second quarter.

Boston Scientific shares soared 26 percent on Monday as markets rose broadly on optimism about a recovery plan from the credit crisis, but they have still fallen about 21 percent this year.

(Reporting by Lewis Krauskopf, editing by Dave Zimmerman)