Moody's revises Millipore outlook to positive

Moody's Investors Service said it confirmed the ratings of Millipore Corp., including its Ba1 senior unsecured rating, and revised the outlook on Millipore's ratings to positive from stable.

The ratings confirmed include the company's $100 million 7.5% senior unsecured notes due 2007 and $75 million 7.23% senior unsecured notes due 2004, both at Ba1.

Moody's said the change in rating outlook to positive reflects the favorable prospects in Millipore's bioscience business and the significant improvement in the company's financial performance in recent years. Growth in the company's revenues and operating earnings has led to a strengthening in the company's credit profile, and Moody's said it expects this momentum to continue over the medium term.

Moody's projected for the fiscal year ended 2003 that the coverage of EBIT to interest expense to exceed 9 times. Leverage as measured by total debt to EBITDA is projected to be under 2 times.

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