For over a year, Thermo Fisher Scientific Inc. has consistently outperformed most of its rated life sciences peers in organic revenue growth, profitability, and cash flow generation. The company has also demonstrated relative financial discipline by maintaining its last-12-month (LTM) leverage ratio at or below 3.5x for the previous five quarters. However, Thermo's leverage has slightly increased from historical levels following its just-completed acquisition of FEI Co. and we recognize that the company's acquisition appetite remains strong, which could lead to a further increase in leverage. We are affirming our 'BBB' corporate credit rating and issue-level ratings on Thermo Fisher and revising the outlook to positive from stable. The positive outlook reflects our view that Thermo Fisher's credit risk profile
