Fitch affirms Dover

Fitch Ratings said it affirmed Dover Corp.'s issuer default, senior credit facilities and senior long-term debt ratings at A, and short-term issuer default and commercial paper ratings at F1.

The affirmation follows the company's announced agreement to acquire the Sound Solutions business line of NXP Semiconductors NV for $855 million in cash.

The outlook is stable.

The ratings consider Dover's product and geographic diversification, competitive positions in selected markets, solid free cash flow and disciplined acquisition strategy, Fitch said.

Dover's debt-to-EBITDA ratio as of the 12 months ended Sept. 30, was 1.5 times.

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