S&P Places Ingram Micro (IM) Ratings on CreditWatch Negative

November 30, 2016 3:25 PM EST

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S&P Global Ratings said that it placed its 'BBB-' corporate credit rating and senior unsecured issue-level ratings on Ingram Micro Inc. (NYSE: IM) on CreditWatch with negative implications.

"The CreditWatch placement reflects our view of Ingram Micro as an insulated subsidiary of Tianjin Tianhai--whose controlling shareholder is HNA Group--and our belief that Ingram will likely maintain covenant restrictions following the transaction's closing, in support of its current credit profile," said S&P Global Ratings credit analyst John Moore.

We will resolve the CreditWatch listing following the close of the transaction.

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