S&P: Belden unaffected

Standard & Poor's said its B+ issue-level rating and 6 recovery rating on Belden Inc.'s new senior subordinated notes are unaffected by the upsizing to $700 million.

However, the agency said it could revise the outlook on the company to negative from stable if there is a sizable stub portion of the existing subordinated notes due 2019 outstanding after the expiration of the tender offer, resulting in pro forma leverage sustained above the mid-3x area.

Although S&P said it expects the company to balance acquisition and shareholder return objectives against publicly stated financial policies, the use of debt to support an acquisitive growth strategy could hinder leverage reduction.

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