S&P affirms Agilent

Standard & Poor's said it affirmed the BBB+ corporate credit and senior unsecured ratings on Agilent Technologies Inc. following its agreement to purchase unrated Dako A/S.

The agency said it expects Agilent to fund the acquisition with its substantial offshore cash.

Credit metrics are not expected to improve materially, S&P said.

The ratings reflect Agilent's satisfactory business risk profile and intermediate financial risk profile, the agency said.

The ratings also reflect Agilent's leading market position, product diversity and growing markets, S&P said, offset by cyclical end markets and still-low amounts of recurring revenue.

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