Moody’s lifts Bio-Rad to Baa3

Moody's Investors Service said it upgraded the senior unsecured notes of Bio-Rad Laboratories, Inc. to Baa3 from Ba1.

The outlook was changed to stable from positive.

Moody’s said the upgrade reflects Bio-Rad's long track record of conservative financial policies including the maintenance of adjusted debt to EBITDA below 2.5x, and the absence of dividends and share repurchases.

Bio-Rad's Baa3 rating is supported by the company's conservative financial policy, which has led to a strong balance sheet, characterized by cash and short-term investments in excess of debt, the agency said. Bio-Rad has good diversity by product, customer and geography and roughly 70% of revenue is recurring in nature.

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