Operating trends for medical device developer and manufacturer Teleflex Inc. have recently improved; fiscal year 2014 operating performance and voluntary debt repayment has resulted in credit metrics that were better than we expected. Debt leverage is 2.7x as of Dec. 31, 2014, whereas we thought it would be at 3x. We have revised our base-case scenario and now expect debt to EBITDA to be closer to the 2.5x area by year-end 2015. We are affirming the 'BB' corporate credit rating and all issue-level ratings and revising the outlook to positive. The positive outlook reflects our expectation that Teleflex can sustain its recent improvements and that leverage levels will fluctuate between 2.5x and 3x, while the company's pursues moderate acquisitions in
