MUMBAI (Thomson Financial) - Moody's Investors Service said it has confirmed
the 'Baa3' senior unsecured debt rating of Beckman Coulter with a stable outlook
after the diagnostics maker cancelled the agreement to acquire medical device
maker Biosite.
The ratings agency said the deal cancellation reflects Beckman's pricing
discipline with respect to acquisitions and its unwillingness to significantly
increase leverage.
Moody's said the introduction of new products and increased acceptance of
existing systems will contribute to stronger hardware revenue for the company
and lead to continued growth in higher margin recurring revenue, including
reagents and consumables.
The ratings agency said in its view the company will have good liquidity
based on its ability to cover near-term commitments with operating cash flow and
cash on its balance sheet.
TFN.newsdesk@thomson.com
apm/man
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