Fitch affirms Thermo Fisher

Fitch Ratings said it affirmed Thermo Fisher Scientific Inc.'s issuer default rating, senior unsecured credit facility and senior unsecured debt at BBB+ and its subordinated debt at BBB.

The outlook is stable.

Thermo Fisher is the result of the merger between Fisher Scientific International Inc. and Thermo Electron Corp., and the agency said its ratings are supported by the company's strong credit metrics and leading market position. Both Thermo Electron and Fisher Scientific have demonstrated consistent above-market growth in sales and profitability over the past several years, and Fitch expects this trend to continue as the combined company benefits from strong demand as well as opportunities to drive both cost and revenue synergies.

Ratings concerns include ongoing integration risks and the potential for continued acquisitions and shareholder-friendly activities, Fitch said.

The total debt-to-EBITDA ratio was 1.47 times for the last 12 months ended Sept. 29.

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