Largest provider of life science research analytical instruments, equipment, and reagents; and Substantial product, customer, and geographic diversity. Standard&Poor's Ratings Services' expectation that leverage will be in the 3.0x to 3.5x range by the end of 2015; Robust free cash flow generation; and A financial policy emphasizing shareholder returns and acquisitions. The stable ratings outlook on Thermo Fisher Scientific Inc. reflects our expectation that low-single-digit revenue growth and EBITDA growth from modest margin expansion will continue to result in strong free cash flow that the company will use for near-term debt reduction, but that growth strategies and shareholder returns will keep leverage in the 3x area over time. We could lower the rating if the pace of debt
