Fitch rates PerkinElmer loans BBB-

Fitch Ratings said it assigned PerkinElmer Inc. an issuer default rating of BBB-, senior unsecured debt BBB- and senior unsecured bank loan BBB-.

The outlook is stable.

Fitch said it expects total debt leverage to spike to 3.7 times at the end of the year in conjunction with incremental funding needed to complete the Caliper purchase. PerkinElmer is expected to focus on rapid debt repayment over the ratings horizon and leverage is forecast to drop to 2.5x by the end of 2012, as management prioritizes debt reduction over that time frame.

A continued drag on PerkinElmer's credit profile is its weaker margin in relation to other participants in the life sciences technology space, the agency said.

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