Fitch Affirms PerkinElmer's Senior Debt Rating At `BBB+'.Business Editors CHICAGO--(BUSINESS WIRE)--April 6, 2001 Fitch has affirmed the senior unsecured debt Unsecured debt Debt that does not identify specific assets that the debtholder is entitled to in case of default. rating of PerkinElmer, Inc. at `BBB BBB A medium grade assigned to a debt obligation by a rating agency to indicate an adequate ability to pay interest and repay principal. However, adverse developments are more likely to impair this ability than would be the case for bonds rated A and above. +'. The company's `F2' commercial paper rating is also affirmed. The Rating Outlook is Stable. The ratings reflect the increased leverage associated with the acquisition of NEN Nen, river, China Nen (nŭn) or Nonni (nôn`nē), river, 740 mi (1,191 km) long, rising in the Yilehuli (Ilkuri) Mts., N Heilongjiang prov. Life Sciences in July 2000 for approximately $400 million. While somewhat diminished from previous levels, credit protection measures in the wake of the acquisition are expected to remain generally consistent with the current ratings. While the company intends to maintain a conservative financial profile, additional portfolio actions could yield occasional variability in credit protection measures, which is factored into the current ratings. Earnings and cash flow trends for the company are favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. and provide management with the capacity to strengthen the balance sheet in the wake of such transactions. |
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