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Moody's may upgrade Fisher Scientific
Moody's Investors Service said it placed the ratings of Fisher Scientific International Inc. under review for possible upgrade, reflecting an improvement in the company's credit profile.
Following the acquisitions of Perbio, Oxiod, Dharmacon and the merger with Apogent, proprietary products now account for 60% of Fisher's total revenues. The shift to proprietary products is expected to translate into higher margins and an expansion in free cash flow generated by the company since margins on manufactured items and unique products are much higher than margins on non-exclusive distributed products.
Moody's said it anticipates that continued growth in its core business and additional acquisitions will lead to higher free cash flow over the next few years.
Ratings under review for a possible upgrade include the corporate family rating; the $500 million senior secured guaranteed revolver due 2009, the $250 million senior secured guaranteed term loan A due 2009, the $150 million senior secured guaranteed term loan B due 2011; the $300 million senior secured delayed-draw term loan A due 2009; the $300 million 2.50% senior unsecured convertible notes due 2023; and the $345 million floating-rate convertible senior debentures due 2033, which are all currently rated Ba2.
Also under review for an upgrade are the $300 million 3.25% senior subordinated convertible notes due 2024; the 8.125% senior subordinated notes due 2012; the $300 million 8% senior subordinated global notes due 2013; the $300 million 6¾% senior subordinated notes due 2014; and the $500 million 6 1/8% senior subordinated notes due 2015, which are all currently rated Ba3.
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