Fitch rates IDEX notes BBB+

Fitch Ratings has assigned a BBB+ rating to IDEX Corp.’s planned $500 million issue of 10-year, senior unsecured notes.

Fitch currently rates IDEX's issuer default rating and long-term senior unsecured ratings notes at BBB+.

IDEX's outlook is stable.

Financial leverage (debt/EBITDA) for the company increased to 1.6x at March 31, 2021 from 1.2x at year-end 2019 due to EBITDA contraction from the pandemic-related economic downturn and moderately higher debt levels. IDEX's management has indicated a willingness to push leverage higher with a larger acquisition, although Fitch expects it will be managed within its historical range below 2x.

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