S&P: Teleflex outlook stable

Standard & Poor's said it revised the outlook on Teleflex Inc. to stable from positive, reflecting insufficient improvement in financial metrics over the past year to warrant an upgrade at this time.

The agency affirmed the BB corporate credit rating.

"Margin improvement resulting from volume growth and favorable pricing actions has been offset by pricing erosion in certain geographies, as well as higher manufacturing and commodity costs," S&P analyst Cheryl Richer said in a statement.

The company's adjusted debt to annualized EBITDA from the continuing health care businesses was about 3.5x.

Ratings reflect expectation that revenues will grow at an annual rate in the low- to mid-single digits as a result of growth in medical procedures, market share gains and price increases, the agency said.

The company's significant financial risk profile reflects debt leverage of 3.4x.

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