Fitch ups Life Technologies

Fitch Ratings said it upgraded Life Technologies Corp.'s issuer default rating, senior convertible notes, senior notes and senior credit facility to BBB from BBB-.

The outlook is stable.

The upgrade reflects the company's recent decline in debt leverage, which was driven by a combination of stable operating performance, significant progress in integrating the 2008 merger of Applied Biosystems and use of cash for debt reduction, Fitch said.

The ratings consider the relative resilience of the company's industry and market position, its focus on life sciences research markets, it high-end technologies and its growing market segments, the agency said.

The outlook is supported by mildly positive expectations for performance of the life science tools sector, Fitch said.

The debt-to-EBITDA ratio was 2.6 times at Dec. 31.

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