TEXT-S&P keeps Belden subordinated notes rating unchanged

Aug 14 - Standard & Poor's Ratings Services said today that its 'B+'
issue-level rating and '6' recovery rating on St. Louis-based Belden Inc.'s
new senior subordinated notes are unaffected by the upsizing to $700
million. However, we could revise the outlook on the company
to negative from stable if there is a sizable stub portion of the existing
subordinated notes due 2019 outstanding after the expiration of the tender
offer, resulting in pro forma leverage sustained above the mid-3x area.
Although we expect the company to balance acquisition and shareholder return
objectives against publicly stated financial policies, the use of debt to
support an acquisitive growth strategy could hinder leverage reduction.
Macroeconomic uncertainty and commodity price volatility could also suppress
expected EBITDA growth and de-leveraging.

The ratings on Belden reflect the company's participation in the highly
competitive and cyclical cable, connectivity, and networking product markets;
its exposure to volatile raw material pricing and foreign currency rates; and
a "significant" financial profile. Belden's diversification into higher margin
value-added specialty products and expansion of its vertical markets served,
along with "adequate" liquidity (as defined in our criteria) and good cash
flow characteristics, partly offset these risks. (For the complete corporate
credit rating rationale, see the summary analysis on Belden, published on June
29, 2012 on RatingsDirect.)

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RATINGS LIST

Belden Inc.
Corporate Credit Rating BB/Stable/--
Subordinated
$700 mil nts due 2022 B+
Recovery Rating 6