U.S. medical device developer and manufacturer Teleflex Inc. has maintained leverage between 2x and 3x for the previous seven quarters, thereby giving sustainability of leverage in this range a higher likelihood, despite the recent recall announcements. We are raising our corporate credit rating to 'BB+' from 'BB'. Reflecting the recent reduction in subordinated debt, we lowered our enterprise valuation at default and revised our recovery rating on the senior unsecured debt to '4' from '3'. The outlook is stable, reflecting our expectations that Teleflex will manage its growth objectives such that debt to EBITDA does not exceed 3x. We think the company has $325 million of debt capacity at the current rating level. On April 1, 2016, Standard&Poor's
