Fitch affirms Thomas & Betts

Fitch Ratings said it affirmed Thomas & Betts Corp.'s long-term ratings, senior bank credit facilities and senior debt at BBB.

The outlook is stable.

Ratings incorporate TNB's solid operating performance, steady margins and free cash flow, disciplined discretionary spending, and ability to maintain credit metrics within expected levels through economic cycles, the agency said.

Concerns center on the company's exposure to late-cycle nonresidential construction, low spending on transmission projects, concentration in North America and the possible impact of future acquisitions on leverage, the agency noted.

The company's debt-to-EBITDA ratio as of Sept. 30 was slightly above 2 times, which was within the company's historical range and below peak levels in 2009 during the recession.

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