S&P affirms Beckman Coulter

Standard & Poor's said it affirmed its ratings on Beckman Coulter Inc., including the BBB corporate credit rating.

The affirmation follows the company's agreement to purchase privately held Lumigen Inc. in a $185 million all-cash transaction, the agency said.

The outlook is negative.

Although S&P said it expects that the initial borrowings needed to fund this acquisition will represent a permanent addition to the company's existing debt level, the expected operating improvements to be gained by this vertical integration will largely offset the increase in debt.

The ratings on Beckman Coulter reflect the company's satisfactory business risk profile based on its leading positions in an attractive market characterized by substantial recurring revenue streams and an intermediate financial risk profile, the agency noted.

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