S&P gives Anixter notes BB

Standard & Poor's said it affirmed its BB corporate credit rating on Anixter International Inc.

The outlook is stable.

At the same time, the agency assigned a BB issue-level rating and 4 recovery rating to the company's proposed $350 million senior unsecured notes due 2023. The 4 recovery rating indicates an expectation for an average recovery (30% to 50%; lower half of the range) in the event of a default.

In addition, S&P affirmed the BB issue-level rating, with a recovery rating of 4 (lower half of the 30%-50% range), on the company's $350 million unsecured notes due 2019 and $400 million unsecured notes due 2021.

"The ratings reflect Anixter's proposed acquisition of Power Solutions for $825 million, which increases the company's presence in the utilities market and expands and complements its existing wire and cable product portfolio," S&P credit analyst Peter Bourdon said in a news release.

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