Moody’s assigns Ingram Micro notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to Ingram Micro, Inc.'s proposed senior unsecured note issuance

Proceeds will be used for general corporate purposes, which may include repaying borrowings under its revolving credit facilities.

Moody’s said the Baa3 rating reflects Ingram Micro's position as the largest broad-based technology distributor, supported by geographic diversity across North America, Europe and in higher growth Asia-Pacific and Latin America regions.

The rating is also supported by the countercyclical nature of Ingram Micro's low-capex business model, which generally results in strong free cash flow and a build-up of cash during periods of slow or declining revenue growth as inventory and receivables are liquidated, the agency said.

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