S&P to lift Fisher Scientific

Standard & Poor's said its corporate credit and senior unsecured debt ratings on Fisher Scientific

International Inc. would be raised to BBB+ from BBB- upon completion of its merger with Thermo Electron Corp. (BBB+/positive), expected by year-end 2006.

The agency said that the subordinated debt rating will be raised to BBB from BB+.

S&P noted that the all-stock transaction will combine the two largest providers of research laboratory products and services into an industry-leading giant, with revenues about 6x its nearest competitor.

Financially, Thermo Fisher, without the benefit of cost savings or anticipated debt repayments, is considered to have an intermediate financial risk, the agency added.

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