Moody’s assigns Amphenol notes Baa1

Moody's Investors Service said it rated Amphenol Corp.’s proposed senior unsecured notes Baa1 and assigned a Prime-2 short-term rating to Amphenol, which is establishing a $1.5 billion commercial paper program.

The agency also affirmed the company's Baa1 issuer rating and stable outlook.

Proceeds will be used for general corporate purposes, including effectively refinancing $600 million of notes maturing in November 2014. The commercial paper program will be used for short-term borrowing needs.

Moody’s said the Baa1 rating reflects Amphenol's scale, strong credit metrics, above average operating performance and broad geographic and end market diversity. The company maintains leading market positions across multiple segments of the connector and cable industries and exhibits consistent top-line growth as well as strong cash generating capabilities and interest coverage, the agency said.

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