Fitch ups Dade Behring to BBB, rates debt BBB

Fitch Ratings said it upgraded Dade Behring Holdings Inc.'s issuer default rating to BBB from BBB-, affirmed the BBB bank loan rating and assigned a BBB senior unsecured debt rating. The outlook is stable.

The rating actions reflect continued improvement of Dade Behring's credit profile, the agency said. Notably, the company reduced leverage to 1x at the end of 2005 from 1.3x in 2004, with virtually all gross debt now unsecured after the company's recapitalization in 2005. Additionally, free cash flow generation totaled $133 million in 2005, which represented the third consecutive year that free cash flow exceeded $100 million.

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