Fitch affirms Avnet

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

The outlook is stable.

The stable outlook reflect the company's strong liquidity and counter cyclical cash flow models rather than its outlook for end-market demand heading into 2012, Fitch said.

While Fitch said it currently expects flat to slightly positive revenue growth in 2012 for the distributors, downside risk is significant with the potential for a severe and prolonged global recession in the mix.

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