Moody's ups Dade Behring ratings

Moody's Investors Service said it upgraded the ratings of Dade Behring Inc., including the senior implied rating to Ba3 from B1; senior unsecured issuer rating to B1 from B2; $125 million senior secured revolving credit due 2007 to Ba3 from B1; $290 million senior secured term loan due 2008 to Ba3 from B1; $304 million senior subordinated notes due 2010 to B2 from B3.

Moody's also assigned an SGL-2 rating to Dade Behring, reflecting its good liquidity.

The outlook is stable.

Moody's said it based its action on the company's successful restructuring combined with its faster-than-anticipated reduction of debt over the past five quarters and the expectation that debt will continue to decline over the next year.

The rating upgrade also acknowledges the company's strong position in its niche and its steady prospects for growth, the agency said.

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