Connector manufacturer TEL announced a tender offer to acquire ADC (unrated)–-also a provider of communications network infrastructure products--for a total enterprise value of $1.25 billion. The cash portion of the acquisition will lower liquidity considerably, although cash is likely to remain above $750 million. Despite uneven profitability at ADC, the transaction is neutral to TEL's business profile and does not disrupt its improving credit trends. TEL's corporate credit and other ratings remain on CreditWatch Positive, where they were placed June 14, 2010. NEW YORK (Standard&Poor's) July 14, 2010—Standard&Poor's Ratings Services said today that its ratings on connector manufacturer Tyco Electronics Ltd. (TEL), including the 'BBB-' long-term and 'A-3' short-term corporate credit ratings, remain on CreditWatch Positive,
