...- Telefex has made progress in deleveraging over the past 18 months, with adjusted leverage declining to roughly the 3.5x area from 4.1x, following its two large acquisitions in 2017. We expect leverage to further improve to the 3x area by year-end 2019. At the same time, the company's revenue growth has accelerated and its gross margins expanded. - We are affirming our '##+' rating, which reflects our expectation for further deleveraging to below 3x within the coming quarters, a relatively conservative financial policy, with long-term leverage below 3x, and solid top-line growth with expanding margins. - However, we also anticipate further moderate-size acquisitions. With projected leverage remaining at the high end of the 2x-3x range associated with the current rating, Teleflex has limited room for further acquisitions or underperformance in 2019. - The rating outlook on Teleflex remains negative, reflecting the risk that it could adopt a more aggressive financial policy and that adjusted...
