Moody's lifts Amphenol from junk

Moody's Investors Service said it assigned an issuer rating of Baa3 to Amphenol Corp., concluding a review for upgrade begun on July 23.

The outlook is stable.

According to Moody's, the issuer rating reflects strong financial performance, characterized by strong cash flow generation and sound interest coverage. The ratings also are supported by solid liquidity, the scale of its operations and leading market positions, the agency said.

Factors constraining the Baa3 rating are significant concentration of sales in the communications, military and commercial aerospace sectors as well as an underfunded defined benefit pension plan, Moody's said.

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