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S&P places Thomas & Betts on positive watch
Standard & Poor's said it placed the BBB ratings on Thomas & Betts Corp. on CreditWatch with positive implications.
The action follows news of ABB Ltd.'s proposed acquisition of Thomas & Betts for $72 per share in cash.
The agency said it will likely withdraw the corporate credit rating and unsecured debt ratings on Thomas & Betts if the rated debt is repaid under the tender offer.
If any notes remain outstanding, the agency said it would upgrade the notes to reflect the higher ratings on ABB.
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