Fitch rates Avnet notes BBB-

Fitch Ratings said it assigned a BBB- rating to Avnet, Inc.'s offering of five-year senior unsecured notes.

The agency reviewed Avnet’s BBB- ratings on Oct. 28 and did not take any action.

The proceeds are expected to be used to repay borrowings under the revolver and accounts receivable securitization program, and for general corporate purposes.

“Fitch expects the offering will be substantially leverage neutral,” the agency said in a press release.

The outlook is stable.

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