...+ Thermo Fisher Scientific Inc. has reduced its rolling-12-months (RTM) leverage ratio to 3.8x as of March 31, 2018, after it spiked to 4.6x as of Sept. 30, 2017, following the Patheon N.V. acquisition. This was in line with our expectation that the company would reduce leverage below 4x within two quarters after the transaction close. + The leverage reduction reinforces our view that Thermo Fisher is committed to a disciplined financial policy and that the company will sustain leverage below 4x most of the time, despite its acquisition appetite and occasional leverage increases following transactions. + In addition, over the past three years Thermo Fisher has outperformed most of its rated life sciences peers in organic revenue growth, profitability, and cash flow generation, with adjusted discretionary cash flow projected to be around $3.5 billion in 2018. + As a result, we are raising our corporate credit rating and issue-level ratings on Thermo Fisher to '###+' from '###'. The outlook...
