Moody's changes PerkinElmer outlook to stable

Moody's Investors Service said it affirmed the Baa3 senior debt rating of PerkinElmer Inc. and changed the outlook to stable from negative.

The agency said the stabilization of the outlook reflects recent improvement in organic growth rates, profit margins and operating cash flow.

PerkinElmer's Baa3 rating reflects the company's strong competitive positions across a set of niche markets, global footprint, recurring service and consumables revenues and good longer-term growth prospects, Moody's said.

The ratings are constrained by the company's relatively modest scale versus other investment-grade companies and a number of much larger competitors and by adjusted credit metrics that are relatively weak versus other investment-grade companies, the agency said.

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