TE Connectivity, a global Berwyn, PA-based designer and manufacturer of connectors and related products, continues to reduce leverage and maintain strong cash flows, despite a weak global economic environment. We are raising our corporate credit rating on the company to 'BBB+' from 'BBB'. The stable outlook reflects our expectation that TE's consistent earnings performance and strong cash generation will continue despite challenging market conditions. On Dec. 26, 2012, Standard&Poor's Ratings Services raised its corporate credit rating on TE Connectivity Ltd. to 'BBB+' from 'BBB'. In addition, we are raising our senior unsecured debt rating to 'BBB+' from 'BBB' and raising our rating on the subordinated debt to 'BBB' from 'BBB-'. Our 'A-2' commercial paper rating is unchanged. The
