OREANDA-NEWS. S&P Global Ratings said today that it has placed its ratings, including the 'B' corporate credit rating, on Phillips-Medisize Corp. on CreditWatch with positive implications.

"The CreditWatch placement follows the announcement that Phillips-Medisize, a global provider of outsourced design and manufacturing services in the medical and commercial markets, is being acquired by Molex LLC, a wholly owned subsidiary of Molex Electronic Technologies LLC," said S&P Global Ratings' credit analyst David Kaplan. Molex Electronic is a leading manufacturer within the global connector industry. Given our 'BBB' corporate credit rating on Molex Electronic, we see the potential for a multi-notch upgrade of Phillips-Medisize, should the transaction close.

We expect to resolve the CreditWatch placement once the transaction closes, likely in the third quarter of 2016. We expect to raise our corporate credit and issue-level ratings on Phillips-Medisize by multiple notches if the transaction closes as currently outlined. However, we also expect to subsequently withdraw our ratings on Phillips-Medisize because we expect that the debt at the company will be repaid in full following the close of the transaction.