Moody's upgrades Amphenol to Baa2

Moody's Investors Service said it upgraded Amphenol Inc.'s unsecured rating and $600 million unsecured notes due 2014 rating to Baa2 from Baa3. Moody's also placed Amphenol's ratings under review for possible upgrade on July 23, 2010.

The outlook is stable.

The upgrade was driven by the company's maintenance of strong credit metrics throughout the severe downturn, relatively quick sales and income recovery, good liquidity, strong financial profile and industry leading operating performance, Moody's said.

The rating is limited by management's aggressive acquisition strategy and focus on quickly reducing acquisition-driven leverage, the agency said.

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