S&P upgrades CDW

Standard & Poor’s said it raised the corporate credit rating on CDW LLC to BB+ from BB.

The agency also said it raised the rating on the company’s senior secured term loan to BBB- from BB+. The recovery rating remains at 2, reflecting 70% to 90% expected default recovery.

S&P also said it raised the rating on CDW’s unsecured notes to BB- from B+. The recovery rating remains at 6, indicating 0 to 10% expected default recovery.

The outlook is stable.

The upgrades reflect a view of CDW’s continued strong operating performance during 2015, S&P said.

The stable outlook reflects an expectation that over the next 12 months, the company will leverage its market position to drive revenue and EBITDA growth, the agency said.

The stable view also considers that the company will manage its acquisitions and share repurchases so that it maintains leverage consistent with current levels, S&P added.

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