Fitch rates Avnet notes BBB-

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

The agency said it expects the proceeds from the offering to be used to refinance short-term debt and for general corporate purposes. The outlook is stable.

Fitch said it expects that the transaction will not produce incremental debt. Fitch estimates leverage currently at 2.3x and expects leverage to remain at or below 2.5x pro forma for the debt offering.

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