Fitch affirms Ingram Micro

Fitch Ratings said it affirmed Ingram Micro Inc.'s issuer default rating at BBB-, $300 million senior unsecured notes at BBB- and $750 million senior unsecured credit facility at BBB-.

The outlook is stable.

The affirmation and stable outlook reflect the company's strong liquidity and counter-cyclical cash flow rather than industry fundamentals, Fitch said.

The ratings also reflect its solid financial position given significant liquidity, reduced leverage and strong free cash flow generation, the agency said.

Concerns continue to focus on the company's exposure to the cyclicality of IT demand and general global economic conditions, Fitch said.

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