Cyclical wireless carrier demand and connectivity investment spending Integration risk from Broadband Network Solutions (BNS) acquisition Leading market positions Good track record of cost management Leverage of 5x Commitment to debt repayment until leverage is 3x or less S&P Global Ratings' expected unadjusted free operating cash flow (FOCF) around $500 million in 2016 The outlook reflects our view that CommScope Holding Co. Inc.'s market leadership positions are likely to result in good operating performance over the next 12 to 24 months, and that successful integration of the BNS business, cost savings, and debt repayment are likely to result in sustained leverage reduction. We could lower the rating if a sustained downturn in wireless carrier spending, BNS integration issues, or allocation
