...+ 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 '###' 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 is stronger than most of its '###' rated peers, and that we could raise the rating to '###+' within the next 24 months, provided that we gain further confidence that leverage...
