S&P rates Wesco notes BB-

S&P said it assigned a BB- rating and 5 recovery rating to Wesco Distribution Inc.'s proposed $350 million senior unsecured notes due 2024.

The 5 recovery indicates 10% to 30% expected default recovery.

The agency also said it affirmed all of the company’s ratings, including its BB corporate credit ratings on Wesco International Inc. and its wholly owned subsidiary, Wesco Distribution Inc.

The recovery ratings on the existing convertible senior debentures are unchanged.

The outlook remains stable.

The stable outlook reflects an expectation for modestly improving commercial construction markets and relatively steady utility markets, which will partially offset weakness in Wesco’s industrial end-markets and headwinds from a stronger dollar, S&P said.

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