Moody's affirms PerkinElmer

Moody's Investors Service said it affirmed the Baa3 long-term debt rating of PerkinElmer, Inc. after the company said it agreed to acquire ViaCell, Inc. for $7.25 per share or $260 million in cash. The deal is expected to be financed in large part with debt.

The outlook remains stable.

Moody's said the expected leverage from the deal will likely remain consistent with the Baa3 rating and that the company would use free cash flow to restore leverage metrics by 2008.

According to the agency, ViaCell should complement the company's existing genetic screening business, adding to its strong growth prospects while diversifying its product offerings.

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