Thermo Fisher Scientific Inc. Euro-Denominated Senior Unsecured Notes Rated 'BBB'

NEW YORK (S&P Global Ratings) July 18, 2017--S&P Global Ratings today assigned its 'BBB' issue-level rating to Thermo Fisher Scientific Inc.'s proposed benchmark offering of Euro-denominated senior unsecured notes. The company will use the proceeds to partially fund the Patheon N.V. acquisition. Our 'BBB' corporate credit rating on Thermo Fisher continues to reflect our expectation that Thermo Fisher's leverage will return to the mid-3x range in 2018, despite a temporary spike above 4x following the Patheon acquisition. We also project Thermo Fisher will generate between $3 billion and $3.5 billion in annual free operating cash flow over the next two years. Our assessment of Thermo Fisher's business risk continues to reflect the company's significant scale as the largest provider of

...NEW YORK (S&P Global Ratings) July 18, 2017--S&P Global Ratings today assigned its '###' issue-level rating to Thermo Fisher Scientific Inc.'s proposed benchmark offering of Euro-denominated senior unsecured notes. The company will use the proceeds to partially fund the Patheon N.V. acquisition. Our '###' corporate credit rating on Thermo Fisher continues to reflect our expectation that Thermo Fisher's leverage will return to the mid-3x range in 2018, despite a temporary spike above 4x following the Patheon acquisition. We also project Thermo Fisher will generate between $3 billion and $3.5 billion in annual free operating cash flow over the next two years. Our assessment of Thermo Fisher's business risk continues to reflect the company's significant scale as the largest provider of analytical instruments, equipment, and reagents for the research market, with a large distribution network. The company also benefits from a presence across diverse geographies and customers, has a track record...

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