Moody’s rates DH Europe notes A2

Moody's Investors Service said it assigned A2 ratings to DH Europe Finance SA's new euro senior notes and euro floating-rate notes.

DH Europe Finance is a debt-issuing, wholly owned subsidiary of Danaher Corp. with all debts guaranteed by Danaher.

Proceeds will be used to refinance the company's existing €500 million senior notes that mature June 30, 2017, and to repay outstanding commercial paper.

Other ratings are unaffected, including the A2 senior unsecured and P-1 short-term ratings, and the stable outlook.

“Danaher has transformed its business to be focused on products serving life sciences, dental, health and environmental markets, after a series of acquisitions and the 2016 spin off of Fortive Corp. with Danaher's former Test & Measurement, Industrial Technologies and some Environmental products segments,” Moody’s said in a news release.

Danaher has substantial scale, and the agency expects metrics with EBITA margins improving to above 20%, retained cash flow to debt approaching 30% and debt to EBITDA in the mid 2 times range by 2018.

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