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Section: Rating - Fitch Ratings expects to rate Dover Corporation's (DOV) planned issuance of 10- and 30-year fixed-rate senior unsecured notes 'A'. Proceeds will be used to repay commercial paper (CP) which totaled $747 million at Feb. 15, 2011, and for general corporate purposes. The Rating Outlook is Stable. A full rating list is shown below.
Dover's ratings are supported by a diverse business portfolio, competitive positions at most businesses and solid free cash flow. Depending on the amount of new debt, Dover's leverage could increase slightly compared to its 2010 year-end Debt/EBITDA ratio of 1.4 times (x). Fitch expects any increase in leverage to be temporary due to …