Moody's rates Rexel notes B1

Moody's Investors Service said it assigned a B1 corporate family rating and probability of default rating to Rexel, SA. It also assigned a provisional B1 rating to the €500 million senior unsecured notes to be issued by the company.

The outlook is stable.

The ratings reflect Rexel's leading position and scale as a global distributor of low voltage electrical products, Moody's said.

The company benefits from strong market positions in various European countries, which were strengthened in 2008 as a result of the acquisition of the third industry player, Hagemeyer, the agency said.

The ratings also reflect Rexel's high leverage, Moody's added.

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