Moody’s applies Baa3 to PerkinElmer bond

Moody's Investors Service said it assigned a Baa3 to the recently issued €500 million senior unsecured bond of PerkinElmer Inc.

The outlook is stable.

Proceeds will be used to refinance revolver borrowings.

Moody’s said the Baa3 rating reflects the company's strong competitive positions across a set of niche markets providing specialized products and services to a diverse group of healthcare, life science, and industrial customers.

The rating also reflects PerkinElmer's global footprint, recurring service and consumables revenues, and good longer-term growth prospects, the agency added.

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