Fitch gives A- to Tyco notes

Fitch Ratings said it assigned an A- rating to the €550 million 1.1% senior notes due 2023 for Tyco Electronics Group SA.

The long-term issuer default rating for TE Connectivity Ltd. and its wholly owned subsidiary, Tyco Electronics, currently is A-.

TE Connectivity will use net proceeds for general corporate purposes.

Pro forma for the issuance and Broadband Network Solutions divestiture, Fitch estimates total leverage (total debt to operating EBITDA) was 1.7 times for the latest 12 months (LTM) ended Dec. 26, but fell below 1.5 times in the near-term from profitability growth and debt reduction.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.