Fitch affirms TE Connectivity

Fitch Ratings said it affirmed TE Connectivity Ltd.'s issuer default rating at BBB+ and short-term issuer default rating at F2.

The agency also affirmed Tyco Electronics Group SA's issuer default rating at BBB+, short-term issuer default rating at F2, commercial-paper program at F2, senior unsecured revolving credit facility at BBB+ and senior unsecured notes at BBB+.

The outlook is stable.

The ratings reflect a belief that TE Connectivity's operating profile remains solid despite near-term headwinds, Fitch said.

The European sovereign debt crisis and fledgling recovery in the United States should constrain organic revenue growth across the company's operating segments, the agency said.

Nonetheless, its balanced geographic portfolio will enable it to take advantage of more robust organic growth in China and developing economies over the longer term, Fitch said.

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