Leading connector market share in growing markets; Diverse end markets and geographic diversity; and Continued focus on cost reductions and margin improvements. Leverage in the mid-1x area as of Sept. 29, 2017; Strong liquidity with $1.2 billion of cash as of Sept. 29, 2017 and consistent positive annual free operating cash flow (FOCF) generation in excess of $1.3 billion over the past two years; Tuck-in acquisition strategy; and Shareholder returns funded by FOCF generation. We could lower the rating on the company if business performance deteriorates as a result of global economic weakness, leading to a lower EBITDA base and debt leverage sustained above the 1.75x area. We could also lower the rating if the company adopts a more aggressive
