S&P says Amphenol unchanged

Standard & Poor's said the outlook and BBB-/stable ratings of Amphenol Corp. would not be affected by the company's announcement that it is acquiring the Teredyne Connection Systems business of Teredyne Inc. for $390 million in cash.

The debt-financed acquisition will require drawings on the company's revolving credit facility, S&P said.

S&P said it expects Amphenol's financial leverage following the transaction, adjusting for acquired profitability, to remain within expectations for the rating.

The business is expected to be accretive to net income in the first year under Amphenol, S&P said.

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