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Moody's upgrades CDW Corp.
Moody's Investors Service said it upgraded CDW Corp.'s corporate family and probability of default to B2 from B3, secured debt to B1 from B2, senior notes to B3 from Caa1 and subordinated notes to Caa1 from Caa2.
Moody's also affirmed the speculative grade liquidity rating at SGL-2.
The outlook is stable.
Moody's said the upgrades reflect the company's improved operating and financial performance, as well as Moody's expectation for further reduction in financial leverage.
Over the next 12 to 18 months, Moody's said it believes CDW will reduce leverage to the range of 5x to 5.5x total adjusted debt to EBITDA.
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