Moody's ups Wesco

Moody's Investors Service said it raised the rating of Wesco Distribution Inc., including its senior implied rating to Ba3 from B1, senior unsecured issuer rating to B1 from B2 and $300 million and $100 million 9 1/8% guaranteed senior subordinated notes due June 1, 2008 to B2 from B3. The outlook is stable.

Moody's said its rating action was prompted by Wesco's improved credit statistics and the expectation that the company will reduce debt further over near term.

The ratings also reflect the company's geographic reach, product breadth, minimal capital requirements and relatively extensive base of both customers and suppliers, according to Moody's.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.