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S&P cuts Wesco, rates notes BB-
S&P said it downgraded Wesco International Inc. and its subsidiary Wesco Distribution Inc. to BB- from BB. The agency also removed all the ratings from CreditWatch with negative implications.
“The downgrade reflects our forecast that the largely debt-funded Anixter acquisition, combined with a near-term contraction in macroeconomic activity stemming from coronavirus containment measures, will keep Wesco's leverage above 5x for more than 12 months,” S&P said in a press release.
S&P also assigned a BB- rating with a 4 recovery rating to Wesco Distribution’s proposed unsecured notes due 2025 and 2028.
The 4 recovery rating on Wesco Distribution's unsecured notes is unchanged. However, the rounded estimate drops to 30% from 45% due to higher debt levels and leverage in the pro forma capital structure, S&P said.
The outlook is stable.
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