...NEW YORK (S&P Global Ratings) March 7, 2017--S&P Global Ratings today assigned its '###' issue-level rating to Thermo Fisher Scientific Inc.'s proposed 500 million Euro-denominated senior unsecured notes offering due 2027. The company will use the proceeds to fund its early call of the outstanding $500 million 1.85% senior unsecured notes due January 2018 and for general corporate purposes. Our '###' rating on Thermo Fisher continues to reflect our expectation that the company will maintain its long-term leverage in the 3.0x¡4.0x range while remaining acquisitive. 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 diverse presence across...
