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The analysts attributed the upward revision to Amphenol's improved debt maturity schedule and continued good operating results despite the industry's recent downcycle.
The rating service also assigned its BBB- rating to the company's new USD600m (EUR410m) five-year senior unsecured note issue. Amphenol will use proceeds to repay amounts outstanding on its credit agreement.
The rating on Amphenol reflects its solid business profile and relatively moderate financial policies and leverage. These credit strengths are partially mitigated by limited market diversity.
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