Moody's gives Teleflex Ba3, convertibles B2

Moody's Investors Service said it assigned a Ba3 corporate family rating and Ba3 probability of default rating to Teleflex Inc.

At the same time, Moody's said it assigned a B2 to the company's existing convertible senior subordinated notes and a speculative-grade liquidity rating of SGL-2.

The outlook is stable.

According to the agency, following its 2007 acquisition of Arrow International, Teleflex has been reshaping its portfolio by divesting assets in both its aerospace and commercial segments.

Moody's added that the Ba3 corporate family rating reflects the company's moderately diverse offerings of lower tech hospital based products, moderate size relative to competitors, a recent history of weak sales growth related to regulatory challenges, and a need to refocus on innovation.

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