S&P puts Thermo Electron on watch

Standard & Poor's said it placed its BBB+ corporate credit and senior unsecured ratings and BBB subordinated debt ratings on Thermo Electron Corp. on CreditWatch with negative implications.

S&P said the rating action follows the announcement of an agreement to merge with Fisher Scientific International Inc. (BBB-/Watch positive) in an all-stock transaction valued at about $10.6 billion.

Affected ratings include the company's senior unsecured debt rating at BBB+ and subordinated debt rating at BBB.

S&P added that the combined firm, to be named Thermo Fisher Scientific Inc., will benefit from a broader range of products and services, end markets and geographic presence.

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