S&P upgrades Bio-Rad

Standard & Poor's said it raised its corporate credit rating on Bio-Rad Laboratories Inc. to BBB from BBB- and its senior subordinated rating to BBB- from BB+.

The outlook is stable.

The agency said the upgrade reflects Bio-Rad's continued solid operating performance and cash flow generation, despite recent challenges in the life science industry.

The ratings on Bio-Rad reflect the company's defensible, but niche, positions in the life science and clinical laboratory markets, a solid track record of steady growth and cash flow generation in excess of needs and a history of financial conservatism, S&P said.

The company's relative small size in a highly competitive, consolidating market partially offsets these factors, the agency added.

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