Moody's upgrades Amphenol

Moody's Investors Service said it upgraded Amphenol Corp.'s ratings to reflect the company's improved credit statistics and strong free cash flow. Amphenol's credit quality has improved primarily due to management's focus on debt reduction and due to its strong operating performance in recent quarters.

Moody's upgraded Amphenol's $125 million senior secured revolver due May 6, 2008 to Ba1 from Ba2, $125 million ($38 million outstanding) senior secured term loan A due May 6, 2008 to Ba1 from Ba2, and $500 million ($400 million outstanding) senior secured term loan B due May 6, 2010 to Ba1 from Ba2. Moody's also upgraded the company's senior implied rating to Ba1 from Ba2 and senior unsecured issuer rating to Ba2 from Ba3.

Moody's has confirmed Amphenol's speculative grade liquidity rating at SGL-1.

The outlook is stable.

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