S&P rates IDEX notes BBB

Standard & Poor's said it assigned a BBB rating to 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.

The proceeds will be used to repay outstanding indebtedness under its revolving credit facility and for general corporate purposes, which may include acquisitions.

The rating and stable outlook reflect the company's stable annual free cash flow, which supports its dividend payouts, share repurchase program and cash-financed acquisitions, S&P said.

The rating also reflects the company's satisfactory business risk profile as a leading manufacturer serving niche industrial markets, the agency said, and its intermediate financial risk profile, marked by moderate financial policies.

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