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Moody’s rates IDEX notes Baa2
Moody's Investors Service said it assigned a Baa2 rating to IDEX Corp.'s proposed $500 million bond issuance.
All other ratings for IDEX are unaffected, including the Baa2 senior unsecured ratings on the company's currently outstanding senior notes.
The outlook is stable.
Proceeds of the issue are anticipated to repay the $350 million senior notes maturing in December with remaining funds to be used for general corporate purposes.
“The Baa2 rating reflects strong, niche market positions that are expected to continue driving solid results and healthy margins – mid to upper 20% range EBITDA margin, including Moody's standard adjustments – despite occasional periods of weak organic growth,” the agency said in a news release.
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