Fitch upgrades TE Connectivity

Fitch Ratings said it upgraded the long-term issuer default ratings for TE Connectivity Ltd. and its wholly owned subsidiary Tyco Electronics Group SA to A- from BBB+.

In addition, the agency affirmed the short-term issuer default ratings for both companies at F2.

The outlook is stable. The actions affect approximately $3 billion of total debt.

Fitch said the ratings and outlook reflect its expectations for strong profitability and annual free cash flow through the business cycle, continued top line benefits from diversified sales portfolio and conservative financial policies.

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