Fitch revises Avnet view to stable

Fitch Ratings said it affirmed the long-term issuer default rating of Avnet, Inc. at BBB- and revised the outlook to stable from negative.

Fitch also affirmed the senior unsecured revolving credit facility and the senior unsecured notes at BBB-.

“The stabilization of the outlook follows improved operating performance resulting from focused execution and a renewed emphasis on core competencies under the new leadership of Phil Gallagher, as well as from the robust demand environment for semiconductors and components,” Fitch said in a news release.

Fitch's updated forecasts indicate that total debt/operating EBITDA leverage will return to 2.6x at year-end fiscal 2021 and will continue to remain below Fitch’s sensitivity threshold of 3.0x during fiscal 2022.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.