S&P affirms TE Connectivity

Standard & Poor’s said it affirmed its A- corporate credit rating on TE Connectivity Ltd. The outlook is stable.

At the same time, S&P revised its assessment of the company’s financial risk profile to modest from minimal, and applied a one-notch rating uplift from its bbb+ initial analytical outcome.

“Our revised financial risk profile assessment of TE Connectivity to modest from minimal is based on our view that the company will return most of its sales proceeds from the divestitures of its broadband networks solutions business, despite its announced acquisition of Creganna Medical Group in February 2016,” said S&P credit analyst David Tsui in a news release.

“We expect leverage to reach the mid- to high-1x area by fiscal year-end Sept. 30 as a result.”

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