Fitch rates Thermo Fisher notes BBB+

Fitch Ratings said it assigned a BBB+ rating to Thermo Fisher Scientific (Finance I) BV's senior euro-denominated notes. Parent Thermo Fisher Scientific Inc. will guarantee the notes.

“Fitch expects the roughly $21 billion acquisition of PPD, Inc. to be financed with longer dated debt and a portion of cash resulting in leverage toward the high-end of the range considered consistent with the BBB+ rating. Financial flexibility commensurate with the BBB+ rating will be limited in the near term for larger M&A,” the agency said in a press release.

The proceeds will be used to pay a portion of the cash consideration for the pending acquisition of PPD, Inc.

The outlook is stable.

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