...NEW YORK (S&P Global Ratings) Sept. 14, 2016--S&P Global Ratings today assigned its '###' issue-level rating to Thermo Fisher Scientific Inc.'s new benchmark senior unsecured notes offering due 2026. The company will use the proceeds to fund the early call of its $900 million senior unsecured notes due February 2017 and for general corporate purposes. Our ratings on Thermo Fisher, including the '###' corporate credit rating, continue to reflect our expectation that the company will generate over $2.5 billion in discretionary cash flow in 2016, improving to around $3 billion in 2017, and that leverage will remain within the 3.0x-4.0x range over the next few years, pro forma for the pending FEI Co. acquisition and assuming the company remains moderately acquisitive. 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...
