Fitch doles BBB+ to Thermo notes

Fitch Ratings said it assigned a BBB+ rating to Thermo Electron Corp.'s public issuance of $250 million of 5% senior unsecured notes due 2015.

The outlook is stable.

Proceeds from the proposed senior unsecured debt are expected to be used to pay down a portion of the outstanding bridge loan used to finance the purchase of Kendro Laboratory Products, the agency said.

Thermo had a total debt level of about $239 million and a large cash and securities balance of about $529 million on April 2. Additional liquidity is provided by Thermo's $250 million five-year revolving credit facility.

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