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S&P pulls Avnet from watch
S&P said it removed Avnet Inc.’s ratings from CreditWatch with negative implications and assigned a negative outlook. The agency placed the ratings on CreditWatch on Aug. 7.
“The negative outlook reflects our view that we could lower Avnet's ratings over the next 12 months if the expected improvements in operating performance, including revenue stabilization and EBITDA margin improvement of at least 60 basis points (bps) to at least 3% and S&P Global Ratings-adjusted leverage below 2.25x are not achieved over the next four quarters,” S&P said in a press release.
The agency affirmed all of Avnet’s ratings, including its BBB- issuer rating.
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