Fitch upgrades Anixter, debt

Fitch Ratings said it upgraded the long-term issuer default rating of Anixter International, Inc. and Anixter, Inc. to BBB- with a stable outlook.

The agency also upgraded the senior unsecured debt rating of Anixter to BBB- in line with the issuer default rating.

The actions affect about $1.1 billion of debt, including the company's outstanding senior unsecured notes.

Fitch said Anixter's leverage has declined from 4.5 times at year-end 2015 to 3.3 times for the LTM period ending June 30, 2017 through a combination of EBITDA growth and debt repayment.

The agency forecasts that Anixter will be within management's target leverage range of 2.5 times to 3 times during the first half of 2018. The target range is in line with close peers Avnet and Arrow, both rated BBB-.

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