Fitch places Fisher Scientific on positive watch

Fitch Ratings said it has placed Fisher Scientific International's ratings on Rating Watch positive, including its issuer default rating at BBB-, its secured credit facility at BBB, its unsecured debt at BBB- and its subordinated debt at BB+.

The agency noted that the positive watch reflects the recent announcement that Fisher has agreed to be acquired by Thermo Electron Corp. for about $10.6 billion of Thermo Electron stock in a reverse merger. It is expected the transaction will be tax-free and close in the fourth quarter of 2006.

As the transaction is dependant on shareholder and other regulatory approvals, Fitch said it will monitor the progress of the proposed merger. Upon completion of the merger and the determination of the combined firm's capital structure, Fitch said it would withdraw Fisher's ratings if its debt is fully assumed by Thermo.

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