S&P rates Amphenol notes BBB+

S&P said it assigned a BBB+ rating to Amphenol Corp.'s proposed senior unsecured notes due 2029, which will rank equally in right of payment with all of the company's other unsecured, unsubordinated debt outstanding.

All of the other ratings are unchanged.

The proceeds will be used to repay debt with at least $500 million of notes to help fund the upcoming maturity of its 2.55% senior notes due January 2019.

The proposed transaction does not change a view of the company's credit quality because it is largely leverage-neutral, S&P said.

The agency said it expects the company to maintain an adjusted debt-to-EBITDA at less than 2x over the next 12- to 24-months, even when accounting for shareholder returns and acquisitions.

The ratings reflect the company's position as a leading manufacturer of interconnect and sensor solutions, S&P said.

Amphenol's broad end market and customer diversification should partially offset the main business risks it faces, the agency said.

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