Fitch Ratings Lowers Thermo Fisher Scientific's (TMO) IDR to BBB+

Fitch Ratings has downgraded Thermo Fisher Scientific's (NYSE: TMO) long-term Issuer Default Rating (IDR) to 'BBB+' from 'A-', and senior unsecured rating to 'BBB+' from 'A-'. Simultaneously, the 'F2' short-term IDR and commercial paper rating have been affirmed. The ratings apply to about $6.6 billion of debt outstanding at March 31, 2012.

The Rating Outlook is Stable.

Fitch believes that leverage as measured by total debt-to-EBITDA will not be maintained at or below 2.0x in light of the increased debt load resulting from acquisition activity over the past year, including the proposed purchase of One Lambda, and expected consummation of an expanded share repurchase program over 2012.

Fitch also notes that the company's liquidity remains strong and TMO's debt Maturity schedule is manageable.

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