Major player in the fragmented and competitive global interconnect market; Diverse end markets but business subject to general economic conditions; and Relatively heavy research and development (R&D) spending, meant to bolster future prospects Intermediate leverage with reduction expected; Free cash flow available to pay down debt; and Viewed as a moderately strategic subsidiary of Koch Industries Inc., which could extend financial support if needed. The company's stable outlook reflects its good market position and consistent operating performance, despite challenging market conditions. We could lower the rating if deterioration in operating profitability, and more aggressive acquisition practices or financial policies, lead to leverage sustained above 3x. Movement by Koch Industries to distance itself from the investment could also result in a
