Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Belden Inc.Global Credit Research - 16 Feb 2022New York, February 16, 2022 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Belden Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 14 February 2022 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.Key rating considerations are summarized below.The Ba2 CFR reflects Belden's leading positions within segments of the enterprise and industrial cabling, connectivity, networking and security product markets, which enable the company to produce solid operating margins and healthy free cash flow. Although Belden's pursuit of growth through business acquisitions has contributed to increased debt balance over time, it has also resulted in more diversified sources of revenue and increased scale. Nevertheless, Belden's operating performance is cyclical with the impact on revenues, EBITDA and leverage are magnified during economic downturns, as evidenced by the most recent recessionary period and pandemic related supply chain disruptions in 2020 that resulted in a 13% decline in revenue and a spike in leverage to over 6x. However, demand recovered and revenues increased 29% in 2021. While revenues will not grow at the same rate this year, we expect demand to remain strong in the company's industrial's segment resulting in low single digit revenue growth in 2022 with leverage approaching 4x over the same period.This document summarizes Moody's view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period.The principal methodology used for this review was Manufacturing published in September 2021. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.This announcement applies only to EU rated, UK rated, EU endorsed and UK endorsed ratings. Non EU rated, non UK rated, non EU endorsed and non UK endorsed ratings may be referenced above to the extent necessary, if they are part of the same analytical unit.This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. Raina Patel Vice President - Senior Analyst Corporate Finance Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. 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