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'BBB' Rating Assigned To IDEX Corp.'s Proposed $300 Million Senior Unsecured Notes Due 2021 Dec 11
Standard & Poors, Dec 2011
Abstract
NEW YORK (Standard & Poor's) Dec.8, 2011--Standard & Poor's Ratings Services said today that it has assigned its 'BBB' issue-level rating to Lake Forest, Ill.-based IDEX Corp.?s proposed $300 million senior unsecured notes due 2021. The notes will be drawn from the company's Rule 415 shelf registration filed last year. IDEX expects to use the proceeds to repay outstanding indebtedness under its revolving credit facility and for general corporate purposes, which may include acquisitions. The 'BBB' rating and stable outlook on engineered industrial products manufacturer IDEX reflect the company's stable annual free cash flow, which supports its dividend payouts, share repurchase program, and cash-financed acquisitions. The rating also reflects the company's satisfactory business risk profile as a leading manufacturer serving...
Companies mentioned in this report are: IDEX Corp.
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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