S&P: Roper off watch

Standard & Poor's said it affirmed its BB+ corporate credit and other ratings on Roper Industries Inc. and removed all ratings from CreditWatch, where they were placed Oct. 7. The outlook is positive.

Removed from watch are Roper's BB+ corporate credit rating, BB+ secured debt rating, BB- subordinated debt rating and BB- senior unsecured debt rating.

S&P said this action follows the news that the company has closed on the acquisition of TransCore Holdings Inc. from an investor group led by KRG Capital Partners LLC for about $600 million.

As expected, the company completed an equity offering with gross proceeds of $300 million, which was used to fund the transaction, together with a new credit facility.

S&P said the ratings on Roper Industries Inc. reflect its leading position in profitable niche markets and its broad product, end-market and geographic diversity, which help stabilize cash flow generation.

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