The stable outlook on Molex Electronic Technologies LLC reflects our expectation that it will maintain its good market position, modestly increase its EBITDA, and generate annual free cash flow in the $200 million-$300 million range over the next two years. The stable outlook also reflects our belief that Molex will continue to be strategically important to Koch. We could consider lowering our ratings on Molex if: The company engaged in large-scale, debt-financed acquisitions or adopted a more aggressive financial policy such that it sustained leverage of more than 3x; or If we believe Molex is unlikely to receive financial support from its parent during periods of financial stress or anticipate it will likely be sold in the near term. We
