Moody's rates Avnet notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to Avnet, Inc.’s new senior unsecured notes.

“The Baa3 senior unsecured rating reflects Avnet's scale and geographic breadth as one of the leading global distributors of electronic components and integrated computing devices,” Moody’s said in a press release.

The proceeds will be used to refinance the $300 million of 3.75% notes due in December, which Avnet committed to redeem early.

All other ratings and the stable outlook are unchanged, the agency said.

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