S&P cuts Anixter

S&P said it downgraded Anixter International Inc. to BB- from BB after Wesco International Inc., completed its acquisition of the company. The rating is in line with Wesco’s. Also, S&P removed Anixter’s ratings from CreditWatch negative.

At the same time, S&P cut the ratings on Anixter Inc.'s 5½% senior notes due 2023 and 6% senior notes due 2025 to B+ from BB and revising the recovery rating to 5 from 4.

The agency said it also withdrew the issue and recovery ratings on Anixter's 5 1/8% senior notes due 2021 because this rated debt has been defeased.

“Subsequently, we are withdrawing our issuer credit ratings on Anixter International Inc. and Anixter Inc.,” S&P said in a press release.

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