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S&P: Wesco outlook positive
Standard & Poor's said it revised its outlook on Wesco Distribution Inc. to positive from stable because of improved operating performance and favorable near-term prospects, which should result in improved credit statistics.
At the same time, S&P affirmed its B+ corporate credit rating. The company's subordinated debt rating is B-.
S&P said the ratings on Wesco, the principal operating subsidiary of unrated Wesco International Inc., reflect a weak, albeit improving, financial profile, resulting from a heavy debt burden, and thin cash flow protection measures, which largely offsets the firm's average business position. For 2003, total debt (adjusted for an accounts receivable securitization program and the present value of operating leases) to EBITDA stood at 6.2x, and EBITDA interest coverage was 2.1x.
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