Moody's rates Avnet notes Ba2

Moody's Investors Service said it affirmed the debt rating of Avnet Inc. (senior unsecured at Ba2) and assigned a Ba2 rating to the proposed offering of $250 million senior notes due 2015, proceeds of which will be used to repurchase up to $250 million of its 8% senior notes due February 2006 through an open market tender offer.

Moody's revised its outlook to positive from stable.

Ratings affirmed include the senior unsecured rating at Ba2 and corporate family rating at Ba2.

Moody's said the revision of Avnet's outlook to positive is based on the steady progress the company has made to improve operating margins and working capital management, with the potential to enhance market position and operating leverage through the $744 million acquisition of Memec Group Holdings Ltd., which closed on July 5.

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