Moody's upgrades Millipore

Moody's Investors Service said it upgraded Millipore Corp.'s $100 million 7½% senior unsecured notes due 2007 and $300 million shelf registration to Baa3 from Ba1, concluding a rating review for possible upgrade begun on Nov. 1. The outlook is stable.

Moody's said the upgrade reflects Millipore's expansion of its cash flow and financial flexibility over the past few years, as well as the agency's expectations that the company will sustain its existing credit metrics in the coming years.

From Dec. 31, 2002, to the end of 2005, cash flow from operations expanded to over $185 million from $108 million while free cash flow from operations increased to slightly under $100 million from $23 million, the agency said. The company also repaid roughly $234 million of debt between Dec. 31, 2002, and Sept. 30, which reduced total outstanding debt to $100 million from $334 million.

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