Fitch upgrades Agilent

Fitch Ratings said it upgraded Agilent Technologies, Inc.'s issuer default rating, senior unsecured revolving credit facility and senior unsecured notes to BBB from BBB-.

The outlook is stable.

The upgrade reflects Fitch's belief that Agilent's operating profile has become less volatile due to the diversification of the company's end markets, customers and product portfolios. In addition, it considers Agilent's relatively conservative financial policies, which the agency believes are underpinned by a solid net cash position.

The agency said the ratings reflect Agilent's consistent ongoing annual free cash flow of $500 million to $1 billion, conservative capitalization and solid liquidity position and its leading share and broad portfolio in a variety of relatively fragmented measurement markets.

Rating concerns center on Fitch's expectations for ongoing share repurchases, sustained pricing pressures and lower-than-anticipated demand within some of Agilent's end markets, maturing unit growth rates in the company's emerging market end markets and more focused competitors in each of the company's discrete end markets, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.