Moody's ups Thermo Electron

Moody's Investors Service said it upgraded Thermo Electron Corp.'s senior unsecured rating to Baa1 from Baa2.

The outlook is stable.

The upgrade reflects: (1) an expectation for continued organic revenue growth in each of the company's business segments, (2) significant debt reduction and sustained improvement in free cash flow (cash flow from operations less capital expenditures) since fiscal year end 2002, (3) sales traction within key pharmaceutical client accounts, and (4) the recent sale of Spectra Physics, the company's former optical business, which had been a drag on the company's margins and cash flows, Moody's said.

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