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S&P puts Avnet on watch
S&P said it placed all its ratings on Avnet Inc., including the BBB- issuer credit rating, on CreditWatch with negative implications.
“The CreditWatch negative placement reflects Avnet’s weak operating performance over the past year and our expectation that it may continue to deteriorate over the coming year. Avnet’s revenue decline and profitability in fiscal 2020 ended June 30, 2020, was weaker than our prior forecast and adjusted leverage now stands near 2.7x,” S&P said in a press release.
The agency said it aims to resolve the CreditWatch within the next few weeks.
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