Moody's may upgrade Thomas & Betts

Moody's Investors Service said it placed the Ba1 long-term debt ratings of Thomas & Betts Corp. (TNB) under review for possible upgrade.

The rating action acknowledges the company's steady revenue growth and improving margins and cash flow generation as well as its successful replacement of a previously secured bank facility into an unsecured agreement, Moody's noted.

Moody's said its review will focus on the company's ability to continue improving its margins and return measures, namely return on asset metrics, the prospects for sustaining and enhancing free cash flow generation in the face of rising raw material prices and the company's plans for its sizable cash position in relation to potential acquisitions, share repurchases and/or dividends.

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