NEW YORK (GenomeWeb) – Fitch Ratings today affirmed the ratings of Bio-Rad Laboratories, including the issuer default rating, at BBB- .
Additionally, Fitch assigned a BBB- rating to the firm's senior unsecured bank notes and its senior unsecured bank facility and said that Bio-Rad's rating outlook is stable.
The ratings apply to approximately $437 million of debt at Sept. 30, 2014.
Bio-Rad recently settled bribery investigations by the US Department of Justice and the US Securities and Exchange Commission pertaining to past violations of the Foreign Corrupt Practices Act. In Q4 2014 the company will pay $55 million in penalties comprising a $14.4 million penalty under a non-prosecution agreement and a $40.7 million civil settlement. The full cost of litigation is easily manageable given Bio-Rad's solid liquidity, Fitch said in a statement.
Fitch also noted that it sees sustained revenue growth for Bio-Rad in the 2 to 3 percent range and overall sales increases from clinical diagnostics in the 2 to 3 percent range over the ratings horizon.