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Fitch affirms Anixter
Fitch Ratings said it affirmed Anixter International Inc.'s BB+ issuer default rating and BB- senior unsecured debt rating and operating subsidiary Anixter Inc.'s BB+ issuer default, senior unsecured notes and senior unsecured bank credit facility ratings.
The outlook is stable.
The agency said the ratings reflect Anixter's improved operating performance driven by a combination of a stable end-market demand environment, market share gains in the company's small but growing sales of fasteners and C-class components to original equipment manufacturers and operating leverage enhanced by higher-than-anticipated copper prices as well as cost savings from integrating recent acquisitions. Also considered is Anixter's well-diversified product, customer and supplier portfolios and the information technology distribution industry's ability to generate cash from working capital during a downturn.
Rating concerns mainly center on the company's adequate but reduced liquidity position and Fitch's expectations that Anixter will continue using free cash flow for a combination of special dividends and acquisitions.
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