Moody's: PerkinElmer outlook positive

Moody's Investors Service said it affirmed PerkinElmer Inc.'s debt ratings, including the Ba1 senior secured revolver and term loan ratings and Ba2 senior implied rating, adjusted the issuer rating to Ba3 from Ba2, and changed the outlook to positive from stable.

The affirmation of existing debt ratings and change to a positive outlook reflects Moody's view that PerkinElmer has made solid progress expanding margins and strengthening free cash flow generation, which has enabled the company to reduce debt and improve overall credit metrics.

The outlook also incorporates the expectation that the company will benefit from mid-single digit organic growth as its end markets continue to gain footing from the capital spending rebound.

Moody's said the Ba2 issuer rating was adjusted to Ba3 to reflect notching down from the senior implied rating to clarify that the issuer rating is predicated on PerkinElmer issuing debt without subsidiary guarantees.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.