S&P: Tyco Electronics notes A-

S&P said it assigned an A- rating to Tyco Electronics Group SA's proposed senior unsecured notes.

Parent company TE Connectivity Ltd. will fully guarantee the debt issue.

The proceeds will be used for general corporate purposes, including repayment of existing debt, S&P said.

TE Connectivity's adjusted debt leverage was about 1.7x as of June 30, the agency said.

The company is expected to maintain leverage at or less than 1.75 x over the next two years as a result of organic growth, management's cost reduction efforts and contributions from recent acquisitions, S&P said.

© 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.