Moody's upgrades Wesco

Moody's Investors Service said it upgraded Wesco International, Inc.'s corporate family rating to Ba2 from Ba3, probability of default rating to Ba2-PD from Ba3-PD, and the rating on Wesco Distribution, Inc.'s senior unsecured notes to Ba3 from B1. The speculative grade liquidity rating is unchanged at SGL-1.

The upgrades reflect Wesco's improved financial profile and credit metrics stemming from revenue growth, execution of synergy realization, and favorable end market fundamentals, the agency said.

"Wesco has executed its combination with Anixter well and is realizing the benefits of scale, capitalizing on synergy opportunities, and has the ability to effectively serve customers in its fundamentally robust end markets. These positive attributes are expected to continue to flow through financial results and support the improved Wesco credit profile," said Scott Manduca, a Moody's vice president, in a press release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.