Fitch rates Ametek notes BBB

Fitch Ratings said it assigned a rating of BBB to Ametek, Inc.'s $350 million senior unsecured private placement notes. Ametek has issuer default, and senior unsecured debt and bank facility ratings of BBB.

The offering consists of $90 million 6.59% seven-year notes issued Sept. 17, $160 million 7.08% 10-year notes issued Sept. 17, $35 million 6.69% seven-year notes to be issued Dec. 17 and $65 million 7.18% 10-year notes to be issued Dec. 17.

The outlook is stable.

Proceeds will be used for general corporate purposes including long-term funding for recent acquisitions that were funded by cash and borrowing under bank facilities.

Ratings consider the company's competitive positions in niche markets, product and geographic diversification, solid operating performance and cash flow, and effective acquisition strategy, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.