Moody's rates Avnet notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to Avnet, Inc.'s proposed $300 million senior unsecured 10-year notes offering.

The agency said the Baa3 rating reflects Avnet's position as one of the leading global distributors of electronic components and information technology products, substantial scale, geographic breadth and reach into the small and medium-sized business customer base.

Moody's said the stable outlook reflects its expectation that despite near term volatility in revenues and operating cash flow caused by the macroeconomic environment, Avnet's operating performance will demonstrate improvement to levels witnessed prior to the last recession.

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