Moody's may up Amphenol

Moody's Investors Service said it has placed Amphenol Corp.'s ratings on review for possible upgrade, reflecting the company's strong free cash flow and improving credit statistics.

In its review, Moody's will consider the sustainability of the company's improved financial performance, its ability to pass on higher production costs, the impact of currency swings, and its competitive position. Amphenol's credit quality has improved primarily due to debt reduction and the company's strong operating performance in recent quarters, the agency said.

Ratings on review for upgrade include the $125 million senior secured revolver due May 6, 2008 rated Ba2; the $125 million ($75 million outstanding) senior secured term loan A due May 6, 2008 rated Ba2; the $500 million ($409 million outstanding) senior secured term loan B due May 6, 2010 rated Ba2; the senior implied rating of Ba2; and the senior unsecured issuer rating of Ba3.

Moody's also confirmed the company's speculative grade liquidity rating at SGL-1.

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