TEXT-S&P rates Roper Industries notes 'BBB'

Thu Nov 15, 2012 2:40pm EST

Nov 15 - Standard & Poor's Ratings Services today it assigned its 'BBB'
issue-level rating to Roper Industries Inc.'s proposed senior unsecured
notes, which the company plans to raise in two tranches due 2017 and 2022,
respectively, under a universal shelf filing dated Nov. 15, 2012. The rating is
the same as the corporate credit rating on Roper. The company expects to use the
proceeds to repay outstanding debt under its $1.5 billion unsecured revolving
credit facility due 2017, which the company had drawn to fund the acquisition of
Sunquest Information Systems Inc. in August 2012. The proposed new notes contain
a change-of-control provision. 

The ratings on Roper reflect our view of the company's "satisfactory" business 
risk profile and "intermediate" financial risk profile. The company has made 
frequent acquisitions, which exposes it to credit risk. For example, Sunquest, 
a maker of diagnostic and laboratory software, is a business aligned with 
Roper's strategic goal to grow through acquisitions that are high margin and 
are low capital intensive businesses. Still, we expect Roper to manage its 
growth and acquisition strategies such that total debt to EBITDA remains 
within our expectation for the rating of about 2x to 2.5x and stays consistent 
with our view of an intermediate financial risk profile while maintaining 
"adequate" liquidity.

Characteristics of Roper's business profile include its leading positions in 
profitable niche markets and diversity of products, end markets, and 
geographic operations.

RELATED CRITERIA AND RESEARCH
     -- Business Risk/Financial Risk Matrix Expanded, Sept. 18, 2012
     -- Summary: Roper Industries Inc., Aug. 15, 2012
     -- Liquidity Descriptors For Global Corporate Issuers, Sept. 28, 2011
     -- 2008 Corporate Criteria: Analytical Methodology, April 15, 2008


RATINGS LIST 

Roper Industries Inc.
 Corporate Credit Rating     BBB/Stable/--

Ratings Assigned    

Roper Industries Inc.
 Senior Unsecured
  sr. unsec. nts due 2017    BBB
  sr. unsec. nts due 2022    BBB

Complete ratings information is available to subscribers of RatingsDirect on 
the Global Credit Portal at www.globalcreditportal.com. All ratings affected 
by this rating action can be found on Standard & Poor's public Web site at 
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