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Moody's upgrades Wesco
Moody's Investors Service said it upgraded Wesco International, Inc.'s corporate family rating to Ba3 from B1, probability of default rating to Ba3-PD from B1-PD and the rating on Wesco Distribution, Inc.'s senior unsecured notes to B1 from B2. Moody's also upgraded Wesco's speculative grade liquidity rating to SGL-1 from SGL-2.
“The rating upgrades reflect Moody's expectation that Wesco will continued to realize outlined synergies from the integration of Anixter, improve operating margin, reduce debt to EBITDA and consistently generate free cash,” the agency said in a press release.
The speculative grade liquidity rating upgrade reflects an expectation of very good liquidity over the next 12-18 months, Moody’s said.
The outlook is positive.
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