S&P rates Anixter notes BB

S&P said it assigned its BB issue-level rating and 4 recovery rating to the $250 million senior unsecured notes due 2025 issued by Anixter Inc.'s subsidiary Anixter International Inc. The 4 recovery rating indicates an expectation for average (30%-50%; rounded estimate: 35%) recovery for lenders in the event of a payment default.

At the same time, the agency affirmed all of the other ratings on Anixter International Inc., including the BB issuer credit rating. The outlook remains stable.

S&P said it expects to withdraw our ratings on the company's $350 million senior unsecured notes due 2019 when they are redeemed.

“The affirmation follows Anixter's announcement that it will refinance its $350 million bond maturing in May 2019 and reflects the company's good operating performance and credit measures, which have been within our expectations (including an S&P Global adjusted debt-to-EBITDA of about 3.1x as of Sept. 30, 2018),” S&P said in a news release.

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