Fitch affirms Avnet

Fitch Ratings said it affirmed Avnet, Inc.'s ratings as follows: issuer default rating at BBB-, senior unsecured bank credit facility at BBB- and senior unsecured notes at BBB-.

The outlook is stable.

Fitch said that the ratings and stable outlook reflect that it expects Avnet to maintain leverage of 2.5x or below, or up to 3x on an adjusted basis.

Current leverage is 1.5x, which Fitch said it believes is likely to increase to historical levels in order to fund internal investments, future acquisitions or potential shareholder friendly actions.

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