Fitch affirms Avnet

Fitch Ratings said it affirmed Avnet, Inc.'s long-term issuer default rating at BBB-/stable.

The agency also affirmed Avnet's senior unsecured revolving credit facility and senior unsecured notes at BBB-, in line with the issuer default rating.

The actions affect about $2.8 billion of debt, including the senior unsecured credit facility and senior unsecured notes outstanding.

“A top-tier components distributor, Avnet offers customers and suppliers a global footprint that optimizes logistics and connects suppliers in otherwise fragmented distribution channels. Fitch believes Avnet is likely to sustain its leadership position due a difficult to replicate global distribution footprint and broad product portfolio,” the agency said in a news release.

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