Moody's rates Thermo Fisher notes A3

Moody's Investors Service said it assigned a rating of A3 to the new $2.1 billion of senior notes of Thermo Fisher Scientific, Inc. and affirmed Thermo's A3 senior rating. In addition, Moody's said it assigned a Prime-2 rating to Thermo's new commercial paper program.

The outlook is stable.

Proceeds of the note offering, commercial paper, and cash on hand are expected to be used to finance the pending $3.5 billion acquisition of Phadia, announced in May 2011.

The ratings reflect Thermo's leading position in the life science market as well as the company's product and end-user market diversity, the agency said. The credit profile benefits from the recurring, predictable nature of about two thirds of revenue, which is generated from the sale of consumables and services.

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