Moody's rates Belden notes Ba3

Moody's Investors Service said it assigned a Ba3 rating to Belden Inc.'s proposed 10-year €350 million senior subordinated note offering.

All other ratings, including its Ba2 corporate family rating, are unchanged.

The new notes will be used to refinance existing debt and for general corporate purposes, Moody's said.

The ratings reflect Belden's leading positions within segments of the enterprise, broadcast, industrial cabling, connectivity and networking product markets, which produce solid operating margins and good free cash flow, the agency said.

The ratings are tempered by the expectation that Belden will occasionally use debt to fund acquisition activity, temporarily increasing leverage, Moody's said.

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