Moody's rates Steris Baa2

Moody's Investors Service said it assigned Steris plc a Baa2 issuer rating.

"The Baa2 rating for Steris reflects its market-leading position in infection prevention and sterilization products and services that it delivers to a broad range of customers and end-markets" said Scott Tuhy, a Moody’s senior vice president, in a press release.

"The pending acquisition of Cantel Medical Corp. (Cantel) will further increase scale and broaden Steris' reach into new channels, such as the dental market," continued Tuhy. While the acquisition will be partly debt-financed, Moody's expects STERIS will deleverage over the next 12 to 24 months, consistent with its stated leverage target of debt/EBITDA of 2-2.5 times.

The agency assigned a stable outlook.

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