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Fitch rates IDEX notes BBB+
Fitch Ratings said it expects to assign a rating of BBB+ to IDEX Corp.'s planned senior unsecured 10-year fixed-rate notes of about $300 million.
The outlook is stable.
The proceeds will be used to repay outstanding debt under its senior unsecured revolving credit facility and for general corporate purposes.
Fitch estimated that IDEX's debt-to-EBITDA ratio could return to a range of 1.7x to 1.9x by the end of 2011 as IDEX uses free cash flow to repay maturing term debt.
The ratings reflect IDEX's steady free cash flows, geographic diversification and leading positions in a variety of niche markets, the agency said.
Rating concerns include higher leverage and integration risks related to large acquisitions, Fitch said.
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