Fitch affirms debt ratings for Thermo Fisher

Fitch affirmed "BBB+" ratings for the company's issuer default rating, its senior unsecured credit facility and senior unsecured debt. It also affirmed subordinated debt at "BBB." All the ratings are investment grade, at least one level above junk status.

Waltham, Mass.-based Thermo Fisher had "more than sufficient" cash flow over the latest 12 months to fund operations and investment opportunities, Fitch said in a statement.

"Thermo Fisher also benefits from a leading market position and relatively favorable industry environment," the statement said.

The company posted weaker-than-expected sales in the third quarter last month and reduced its revenue estimates for 2008, citing a decrease in demand at the end of the quarter as the credit crisis worsened and spending declined.

Fitch noted that the potential for near-term margin and revenue pressures pose ratings concerns.

"During the third quarter, Thermo Fisher experienced a slowdown in end-market demand, particularly in instrumentation sold to large pharmaceutical and industrial customers," the Fitch statement said.

Thermo Fisher shares fell $1.18, or 3.2 percent, to $36.02.