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Prospect News home > News index > List of issuers W > Headlines for Wesco International, Inc. > News item |
Fitch upgrades Wesco to BB
Fitch Ratings said it upgraded the long-term issuer default ratings of Wesco International, Inc. and Wesco Distribution, Inc. to BB from BB-. Fitch has also upgraded Wesco Distribution's ABL facility to BBB-/RR from BB+/RR1, Wesco Distribution's senior unsecured notes to BB/RR4 from BB-/RR4, Anixter Inc.'s senior unsecured notes at BB/RR4 from BB-/RR4, and Wesco International's preferred stock at B+/RR6 from B/RR6.
The upgrade reflects the expectation Wesco’s leverage (debt to EBITDA) will decline below 4x, the prior positive leverage sensitivity, by the end of 2022 due to EBITDA growth with room for more deleveraging as the operating environment and supply chain bottlenecks improve and the company's inventory levels normalize, the agency said.
Fitch said it forecasts leverage at about 3.6x at YE 2022 down from 7.9x at YE 2020.
The outlook is positive.
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