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Investing.com -- Moody’s Ratings has upgraded Thermo Fisher Scientific Inc. and certain subsidiaries’ ratings, citing solid operating performance despite macroeconomic challenges.
The credit rating agency upgraded Thermo Fisher Scientific Inc.’s senior unsecured notes to A2 from A3 and commercial paper to Prime-1 from Prime-2. Similar upgrades were applied to Thermo Fisher Scientific (Finance I) B.V.’s backed senior unsecured rating and backed commercial paper rating, as well as Thermo Fisher Scientific (IVGN) B.V.’s backed commercial paper rating.
Moody’s also revised the company’s outlook to stable from positive, reflecting expectations of accelerating revenue growth and expanding margins over the next 12 to 18 months.
The upgrade acknowledges Thermo Fisher’s ability to maintain strong performance despite research funding cuts affecting its customers. Moody’s noted that these factors support a stronger credit profile while allowing the company to continue its acquisition strategy, including the pending $8.88 billion acquisition of Clario Holdings, Inc.
Governance factors were highlighted as a key driver of the rating action, with Thermo Fisher demonstrating a consistent track record of solid operating performance and deleveraging after acquisitions.
The A2 rating reflects Thermo Fisher’s significant scale and leading position in the life science industry, with strong geographic, product, and segment diversity. Pharmaceutical and biotech customers represent about 60% of the company’s end-user customer base.
Moody’s identified several constraining factors, including Thermo Fisher’s aggressive stance toward acquisitions and shareholder payouts, exposure to macroeconomic conditions, changes in US federal support for research funding, and evolving US tariff policies.
The stable outlook incorporates Moody’s expectation that any material increase in debt for acquisitions would be followed by rapid deleveraging.
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