NEW YORK (GenomeWeb News) – Standard & Poor's today raised its corporate credit rating on Bio-Rad Laboratories to "BBB" from "BBB-" with a stable outlook.
The credit rating service also said that it had raised Bio-Rad's senior subordinated rating to "BBB-" from "BB+".
"The upgrade reflects Bio-Rad's continued solid operating performance and cash flow generation, despite recent challenges in the life science industry," S&P Credit Analyst Arthur Wong said in a statement.
S&P said that it expects Bio-Rad to continue to generate solid growth and free cash flows and to benefit from increasing economic stimulus-related life sciences funding.
In Friday afternoon trade on the New York Stock Exchange, shares of Bio-Rad were up 1 percent at $112.51.