Moody's rates Belden notes Ba3

Moody's Investors Service said it assigned a Ba3 rating to Belden Inc.'s proposed €400 million senior subordinated note offering.

All of the company's 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 reflects 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 Belden's high leverage and acquisition appetite, Moody's said.

The company's debt-to-EBITDA ratio was about 3.9x based on its April financial results, the agency noted.

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