U.S.-based life sciences company Thermo Fisher Scientific Inc. has demonstrated consistently strong operating results over the past several years with support from strong industry fundamentals, a diverse product portfolio, and a well-executed acquisition strategy. We expect the company to generate solid organic growth, steady profitability, and adjusted debt to EBITDA generally below 3x over the long term. As a result, we are raising our ratings on Thermo Fisher, including our issuer credit rating on the company by one notch to 'A-' from 'BBB+'. The stable outlook reflects our expectation for Thermo Fisher to continue growing EBITDA organically over the next several years supported in part by strong industry fundamentals. The stable outlook also reflects our expectation for the company to
