Anixter downgraded on debt

GLENVIEW - Anixter International Inc., a distributor of fasteners and wiring systems for voice, data and video, was downgraded yesterday by Standard & Poor's along with the operating company Anixter Inc. The new corporate rating for the holding company and the senior unsecured peg for the operating company are both down one grade to BB in view of debt higher than S&P was expecting. In the event of payment default, S&P expects a recovery of as much as 50 percent. Although revenue declined 19 percent last year to $5 billion, S&P said that Glenview-based Anixter "demonstrated effective management of its cost structure and working capital levels." Anixter was a purchaser in Chapter 11 sales when it bought Distribution Dynamics Inc., a distributor of fasteners and small components, and Pentacon Inc., a manufacturer of fasteners and small parts for auto and aerospace industries.