Fitch changes Avnet outlook to negative

Fitch Ratings said it changed the outlook to negative from stable and affirmed Avnet, Inc.’s BBB- issuer rating. Fitch also affirmed the senior unsecured revolving credit facility and the senior unsecured notes at BBB- in line with the issuer rating.

“The negative outlook results from Fitch’s updated forecasts that indicate total debt/operating EBITDA leverage will peak in a range of 4.5x - 5 x during fiscal 2021, well above Fitch's negative rating sensitivity of 3x,” the agency said in a press release.

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