S&P downgrades CDW

Standard & Poor's said it lowered the corporate credit rating on CDW Corp. to B- from B.

The outlook is negative.

According to the agency, the downgrade reflects difficult market conditions and CDW's declining EBITDA and highly leveraged financial profile.

"The deteriorating operating performance is partly offset by CDW's consistently profitable history, diversified customer base and good position in the highly fragmented value-added reseller market for technology products and services," S&P analyst Martha Toll-Reed said in a statement.

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