Fitch: No change for Avnet

Fitch Ratings said Avnet, Inc.'s issuer default rating of BBB-, senior unsecured bank credit facility of BBB- and senior unsecured notes of BBB- are unaffected by the company decision to acquire Bell Microproducts Inc.

The outlook is stable.

Avnet announced that it will acquire Bell for $594 million, which includes the repayment of about $360 million of existing Bell debt.

The company's current ratings incorporate the moderate deterioration in its credit profile, which Fitch said it expects to result from the acquisition.

Fitch acknowledged that the credit impact will depend on the portion of the transaction that is financed with cash on hand versus drawings on the company's revolving or accounts receivable securitization facilities.

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