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S&P turns PerkinElmer view to stable
S&P said it revised its outlook for PerkinElmer Inc. to stable from negative and affirmed its BBB issuer rating.
PerkinElmer reported it is selling its analytical, food, and enterprise segment to New Mountain Capital for a total of $2.45 billion.
The agency said it estimates the cash will lower PerkinElmer’s S&P Global Ratings-adjusted leverage to comfortably below 3x as of year-end 2023.
“The stable outlook on PerkinElmer reflects our expectation that it will continue to increase its revenue by the mid- to high-single-digit percent area (excluding the effects of Covid-19) and maintain S&P Global Ratings-adjusted debt to EBITDA of below 3x,” S&P said in a press release.
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