Fitch rates Bio-Rad, loans BBB-, notes BBB- and BB+

Fitch Ratings said it assigned Bio-Rad Laboratories, Inc.'s long-term issuer default rating of BBB-, senior secured credit facility of BBB-, proposed senior unsecured notes of BBB- and senior subordinated notes of BB+.

The outlook is stable.

The ratings apply to about $742.8 million in debt outstanding as of September.

The proceeds of the proposed $425 million senior unsecured notes will be used to refinance the company's 7½% $225 million senior subordinated notes due 2013 and 6.125% $200 million senior subordinated notes due 2014.

The ratings reflect the company' operating profile, which is supported by recurring revenue sales, while economic headwinds are impacting the life science segment, Fitch said.

The market for the equipment sold through the life science segment slowed significantly beginning in 2008, due to delayed or reduced spending by various market end-users in the face of poor macroeconomic conditions globally, the agency said.

But improved profitability has offset the impact of tepid sales growth in recent periods, Fitch said.

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