Fitch rates Werfen, debt BBB-

Fitch Ratings said it assigned Werfen SA a long-term issuer default rating of BBB-.

The outlook is positive.

Fitch also assigned an instrument rating of BBB- to Werfen's senior unsecured debt

The agency said the actions follow Werfen's completion of its acquisition of Immucor Inc. for around $2 billion on March 14.

The agency said the ratings reflect Werfen's growing scale and diversification post-acquisition, and a business model characterized by leading international market positions in specialist diagnostics devices and products, offering stable, predictable and defensive medium-term revenue streams.

The ratings are constrained by elevated leverage due to the debt-funded acquisition, Fitch said.

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